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The complexity of business interruption insurance – and why innovation is lagging behind
Opinion: ‘Industry’ versus ‘profession’ – are we selling ourselves short?
In Focus: How can HNW insurance policies help manage risks related to high value or risky hobbies?
In Focus: A gap in the HNW market for reputational cover?
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Regulation
News
Fairer Finance welcomes new consumer advisory board chair
’I look forward to working with the team to continue to advocate for transparency, higher standards and a more inclusive financial services market for all consumers,’ says new chair
IT Interview
FCA review on rule simplification offers ‘opportunity’ to forge ‘proportionate’ framework – Jon Dye
The chief executive says Consumer Duty marked ‘a significant regulatory change’ that ‘has involved a good deal of work’ to implement and embed successfully within the insurer’s operations
News
FCA branded ‘complacent, conflicted and captured’ in new Parliamentary report
The APPG noted that the regulator was ‘widely seen as incompetent’ and that a ’significant number of respondents believe the FCA sometimes acts in bad faith’
News Analysis
GTA chief says greater regional stability needed prior to launching EV credit hire scales
Pressure for the General Terms of Agreement to include electric vehicles is increasing, but those behind the scheme say that this inclusion can only come when key issues are resolved
News
Brokers must review employment practices liability policies ahead of ‘revolution of employment rights’
The Employment Rights Bill features 28 reforms to existing employment standards – brokers and underwriters must therefore work together to ensure that employers’ liability cover is ‘fit for purpose’, says head of claims
News Analysis
Briefing: Data reform bill treads privacy fine line, but insurer opportunities ahead
New data access bill has the power to ’drive efficiency and economic benefits’, says head of analytics, claims and underwriting
News
High Five: Catch up on the biggest stories this week
Insurance Times rounds up the biggest stories from 11 to 15 November 2024
News
Broker fined £1.1m and banned by FCA for misusing funds due to insurers
’This fine and ban shows how seriously we take individuals who abuse their position for personal gain,’ says executive director
News Analysis
The Big Question November 2024: What does UKGI hope will result from Labour’s motor insurance taskforce?
In October 2024, the newly elected Labour government established a motor insurance taskforce to ’crack down on spiralling costs’ – but what does UKGI anticipate will be the key actions arising from this body and will it have the desired impact on motor premiums?
News
‘Polycrisis’ presents UK insurers with an opportunity to be ‘impactful’ – Axa UK and Ireland
Plus, Aviva’s UKGI boss emphasises that insurers must ‘put our money where our mouths are’ when it comes to engaging on ‘collective goals’
News Analysis
Briefing: Risk managers question insurance relevancy
Conference reveals yawning expectation and service gap between risk managers and insurers, with feedback that risk professionals are struggling to get insurer commitment to cover emerging risks
News
Motor injury claims drop to record low in Q3 2024 – ACSO
Public liability claims increased substantially, however
IT Interview
Nik Ellis: Tech Champion prize celebrates ‘edgy’ firm that is not afraid of failure
Managing director says that to stay at the forefront of technology innovation and implementation, businesses must be ‘prepared to evolve’ and have ‘the nerve’ to try new things
News Analysis
Which are the most complained about insurers?
Market intelligence firm emphasises that ‘insurers need to do better to prevent complaints from happening’ as redress payments increase
News
UK Budget: Rachel Reeves makes no mention of IPT in speech to Commons
The chancellor has elected to not raise IPT in the Autumn budget today
News Analysis
Briefing: A day in the life of an Ifed detective sergeant
Detective sergeant Oliver Gent lifts the bonnet on what it is like to work within the City of London Police’s Insurance Fraud Enforcement Department
News Analysis
Briefing: Why insurers need to embrace Labour’s motor insurance taskforce
The new government’s action provides the insurance industry with a golden opportunity to improve its reputation with consumers
News
Former RSA leader takes up new role at LMA
’I am delighted to be taking up this role at such an important time for our industry and our members,’ says new appointee
News
Premium finance costs revealed as FCA begins probe
The FCA said it would review whether motor and home insurance customers using the product were getting competitive deals
News Analysis
Briefing: Office vs remote working – does in person working really foster innovation?
Innovation is key for insurance firms to maintain a competitive advantage, but many firms lack the flexibility that drives it
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