Allianz Cornhill Legal Protection has warned insurers could be hit by the emergence in the market of 'ghost' after-the-event (ATE) policies.
A ghost ATE policy is created when a solicitor approaches an ATE underwriter for a policy on the understanding that they will never make a claim on it. In return the policy is 'written' at a low premium.
The policy subsequently provides evidence to reassure the client that cover is in force, which can then be used to charge defendant insurers at a conside
- Ardonagh picks up selected renewal rights from Ageas Retail in £7m deal
- Eldon Insurance states none of its data was used by Leave.eu campaign
- Stackhouse Poland buys Honour Point
- Primassure moves from SSP and Open GI to Applied
- Towergate owners post £261m loss for 2017
- SSP adds Pex Insure to panel
- Two thirds of UK manufacturers lack cyber insurance cover