Insurers with exposure to a large number of personal injury claims could face a credit downgrade from ratings agencies as the uncertainty created by periodical payment orders (PPO) takes its toll.
Ratings agency Moody’s delivered the warning as PPOs, where the long-term injured receive an initial lump sum award together with regular payments to cover ongoing medical care costs, are becoming increasingly common.
“The uncertain and long-tailed nature of PPO liabilities exposes general insurers to t
- Ex Towergate and Bluefin boss Kenny Hogg joins Gallagher as Scotland lead
- New motor fleet MGA launched
- Hiscox adds drone cover and more to home insurance product
- Staysure snaps up travel rival Avanti
- GWP slips to $2.39bn at QBE Europe in half year results
- ASA reveals insurance advertising complaints
- David Charles steps down as head of PIB-owned Cooke & Mason