All articles by Katie Scott – Page 36
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FeaturesRegulation ‘bigger threat’ to brokers’ business than Covid-19
Brokers react as the FSCS supplementary levy turned the dial on increasing costs amid a landscape strewn with professional indemnity struggles and Covid-caused complications
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FeaturesBriefing: Pandemic impact on financial results is not over yet
Insurers’ 2020 full-year financial results show an economic landscape strewn with losses and colossal Covid claims costs. This will undoubtedly carry over into 2021 in some capacity, wrecking further trouble on balance sheets
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FeaturesOpinion: Root causes need to be wormed out if levy growth is to be stunted
Editor Katie Scott discusses brokers’ financial tight spot - escalating FSCS levy costs partnered with pandemic and Brexit uncertainty leaves many businesses between a rock and a hard place
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NewsLloyd’s reports £3.4bn in Covid-19 losses for 2020
The market believes its pandemic payouts will reach £6.2bn on a gross basis, which contributed to an aggregated loss of £0.9bn for 2020
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FeaturesIn Focus: New whiplash portal on the horizon – but are firms ready?
The countdown until the launch of the new Official Injury Claim portal has finally begun following February’s regulations – Insurance Times explores whether firms are operationally ready for the upcoming changes and what work is still left to do
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FeaturesIn Focus: What unintended consequences could follow the implementation of the Official Injury Claim portal in May?
After a number of delays, the deadline for the new Official Injury Claim portal is looming, industry commentators explore whether the new portal will hit the mark, or fall short for claimants
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FeaturesBriefing: Fraud red flag will remain for personal injury claims despite OIC portal launch
Personal injury fraud is ready for its next evolution as the countdown to 31 May continues
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NewsHMRC launches consultation to make professional indemnity cover compulsory for tax advisors
However, tax professional body declares this is not a ‘magic bullet’ in achieving the government’s aims of improving trust and reducing bad behaviour in the market
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NewsIndustry must ‘keep an eye on’ whiplash reforms ‘to be sure they’re achieved’ – Aviva
Claims director says the implementation of the Official Injury Claim portal is ‘an important first step’, indicating that the government seeks to combat ‘compensation culture’
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NewsFCA extends pricing remedy implementation until end of 2021
The regulator has confirmed the amended timetable to ensure firms can ‘plan their change programmes effectively’, however the CII believes ‘this may not be enough time for firms to get all practices in place’
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NewsInsurers paid out £472m in interim and final BI claim payouts following test case – FCA
The regulator calculated that 10,207 BI policyholders out of the 21,140 who have had claims accepted have received at least an interim payment
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News‘Bad behaviours’ have crept back into credit hire sector – Kirsty McKno
With part two of the whiplash reforms coming back into focus, the former CHO chair says the credit hire industry has ‘gone backwards’ and that ‘Covid has exacerbated’ the sector’s problems
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NewsAston Lark launches broker portal for renovation insurance scheme
The launch follows a successful pilot conducted last November and is ‘just the start of what is to come’, according to scheme manager
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NewsSpecialist Risk Group recruits new broker team
The move aligns with the group’s plans to expand its international expertise
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NewsEcclesiastical blames Covid-19 for recorded £15.7m loss before tax in 2020
The insurer also paid out £18.7m for coronavirus-related claims ‘where there is confirmed cover’
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FeaturesBriefing: FCA could be setting sector up to fail with four-month pricing implementation period
The FCA took its time crafting the foundations of its general insurance pricing review, however it expects insurance businesses to turn around rule changes on the double – surely it’s in nobody’s interest to rush such a pivotal market change?
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NewsAdditional injuries ‘coming back in vogue’ to avoid new whiplash protocol - Kennedys
The majority of market participants expect to see non-whiplash injuries and rehabilitation claims emerge in response to the whiplash reforms
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NewsBolton broker joins Partners& network
Partners& chief executive believes creating a hub in the north of England is ‘an important step for us in developing our national footprint’
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NewsFormer CHO chair launches credit hire company to turn sector ‘on its head’
Kirsty McKno says ‘it’s perfect timing’ for a new player to shake up the credit hire sector as currently, the market is ‘broken’ and ‘full of friction’
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NewsInsurers must change their approach to fraud post-whiplash reform - Kennedys
Despite the reforms’ intention of reducing fraud, law firm partner believes the threat of fraudulent claims will remain the same after 31 May
