News, reports and opinion from the UK and Global insurance marketplaces
New study claims that UK consumers disagree with proposals to introduce opt-out collective actions. The U.S. Chamber Institute for Legal Reform (ILR) says 57 percent of British consumers oppose UK … Continue reading
The CBI has argued that proposals to enable group actions against companies will damage business in the UK. Responding to the launch of a Department for Business, Innovation and Skills consultation … Continue reading
Lloyd’s has issued a further reminder to members that it will punish those who ignore the risks posed by the UK Bribery Act 2010. According to law firm CMS Cameron … Continue reading
FOR THOSE RUNNING brokers and insurance companies in the UK non-life market, 2012 promises to be a challenging year with reputation topping my list of worries for the industry.
Issues ranging from closure of a £500m tax loophole to how major property exposures can be managed once a decades-old pact to insure buildings at risk of flooding comes to an end; these and more will all vie for directors’ attention alongside the day to day running of businesses typically located at the grudge purchase end of the high street.
With concerns both legislative and market-driven requiring considerable thought, here’s my top five insurance industry headscratchers.
Around 2.30pm yesterday, my Legal Tweets twitter list gurgled into life with claims that the Legal Aid, Sentencing and Punishment of Offenders Bill, had been delayed. I also had a stream … Continue reading
Understandably the insurance industry reacted negatively to the news, but in the end cold, hard cash did the talking some days later. on 31st May, stock market analyst Collins Stewart was bullish about the prospects of FTSE 100 darling Admiral Insurance precisely because of the LSB’s protectionist stance. Referral fees are to continue and Admiral will carry on earning a tidy sum from them; a fact that won’t have gone unnoticed by the many pension funds with holdings in the motor insurer.
Hooray, Datamonitor says the insurance sector’s rate rises will push through growth in the industry over the next four years, bringing in combined GWP of £29.2bn by 2014.
Perhaps the most interesting angle comes from the Telegraph, which given its propensity to tackle MPs’ expenses claims, points out that they’ll no longer be able to get help defending themselves.
Web traffic and media coverage concerning personal injury have hit almost unprecedented levels as Lord Young’s government commissioned report into Health & Safety keeps the circus going.