This was a bad week for the insurance industry in terms of press – consumer group magazine Which? in particular had a field day, accusing insurers of charging customers exorbitant ‘hidden fees’ to make run of the mill changes to policies.
If the past week has shown anything it is the need for confidence.
So Hector Sants is off. The man who ran the FSA during its most turbulent period is heading off into the regulatory sunset.
Fraud, fraud, fraud. Is it the most interesting aspect of insurance? It's definitely the most reported on. Look at the insurance section of most online news outlets, and there's a disproportionate (for those who know better) number of fraud stories.
As a child I had a skateboard, and so did pretty much everyone in my school class. Then along came Back To The Future (number 2 to be precise) and promised us hoverboards, which by the way I am still waiting for.
The most worrying news of the last week, if not the biggest, was that two brokers entered administration.
I got my first mobile phone about eight years ago – having fought a long battle with my mother, she finally realised my "I couldn't find a pay phone" excuse for consistently arriving home late and slightly the worse for wear from the 'cinema' would be…
If you’ll excuse the mixed metaphor, I think the topic most likely to explode in insurance land this year is flooding.
The FSA is looking for nearly £580m in fees from the industry in its final year of existence, a 15% increase on the previous year.
A couple of years ago I bought a bank. You probably did too. Ever since I have been paying out generous bonuses, none more so than the £1m I gave to Stephen Hester yesterday for kindly running the Royal Bank of Scotland so well.
I attended the Coface Country Risk Conference in Paris earlier this week, where I heard from a number of economists from all over the world.
So we’ve got three insurers up for sale, namely RBSI, Brit and now Groupama. Consolidation in the insurer space has been predicted for some time now but I don’t think people expected it to happen like this – more deals done behind closed doors than…
While the memories of sitting crushed against the sofa by the weight of too much turkey are starting to fade, my New Year prediction is unfortunately also one of being crushed, but this time it involves brokers and debt mountains.
Insurers are a funny bunch. They always seem to be changing their minds about stuff. One day they love a particular line of business, the next they are getting out of it. It's the same with individuals.