Politics
Insurance premiums up 500% in flood areas, MP says
Diana Johnson MP has claimed that homeowners in flood risk areas have seen insurance premiums rise by up to 500% and called for a review looking into the cost.
RBS offered £4bn for insurance division
Royal Bank of Scotland (RBS) has been offered £4bn for its insurance arm by private equity group CVC Capital Partners.
ABI welcomes vote on banning referral fees
The banning of referral fees will be debated in the House of Commons next week and provided the vote is successful, will be added to Legal Aid, Sentencing and Punishment of Offenders Bill, Justice Secretary Kenneth Clarke has announced.
Flood cover could be pulled following reforms warns ABI
Government tactics to reform the planning process must not lead to uninsurable building developments, the Association of British Insurers (ABI) has warned.
Djanogly stripped of CMC powers
The justice minister, Jonathan Djanogly, has been stripped of his responsibility to regulate claims management companies after it was revealed he and his family could profit from changes to legal aid he was proposing.
Labour Party criticised for generating referral fees
The Daily Mail has reported that the Labour Party has received over £350,000 in donations from personal injury lawyers.
Confidence among SMEs slumps
The Federation of Small Businesses’ (FSB) Voice of Small Business Index has revealed that confidence among SMEs slumped by 9.6 points from a positive 0.3 to -9.3 in the third quarter of 2011.
Claims experts defend firms against Straw’s “parasite” comments
Claims specialists have defended their offerings after Jack Straw branded claims management companies (CMCs) and credit hire companies as “parasites in the system”.
Straw slams CMC “parasites” and near criminal activity
Jack Straw MP has attacked claims management companies (CMCs) and credit hire firms as “parasites in the system” in his evidence to the Transport Select Committee’s investigation into the cost of motor insurance.
ABI warns Transport Select Committee
The Association of British Insurers (ABI) has warned that “not for the first time” the Transport Select Committee risked “missing the point” about motor insurance as it re-opened its inquiry.
'Tesco law' arrives today
The new Legal Services Act comes into force today, allowing insurance companies to take a majority stake in law firms.
Medical experts challenge Straw to defend whiplash claim
A group of medical experts has claimed that Jack Straw MP’s comments made on 13 September in the House of Commons presented an unfair generalisation of the independent medical sector.
Referral fee ban could be catastrophic for brokers
Industry experts have warned that brokers reliant on an income stream from referral fees could find the government’s ban disastrous for their business.
Insurers call for full implementation of Jackson
While Zurich and Aviva have welcomed the move to ban referral fees, both insurers said it needed to be part of a wider set of reforms.
ABI demands clean up of compensation system
The Association of British Insurers (ABI) has made an urgent call for the reform of the compensation system.
Government to ban referral fees
The government has pledged to ban the use of referral fees as part of what it calls its commitment to curb compensation culture.
Biba demands permanent 42 day notice period for riot claims
The British Insurance Brokers’ Association (Biba) has called on the government to change the Riot Damages Act notification period permanently from 14 to 42 days.
ABI keen to engage with OFT motor inquiry
The Association of British Insurers (ABI) has described the Office of Fair Trading’s (OFT) announcement of an inquiry into the cost of motor insurance as an opportunity to highlight the increasing cost pressures insurers’ face.
IIB turns the screw on regulator
The Institute of Insurance Brokers (IIB) has called for “fundamental regime changes” in regulation.
SRA slams suggestions it is responsible for ABS delay
The Solicitors Regulation Authority (SRA) has hit out at the assertion that it was responsible for the delay in the authority becoming an approved regulator of Alternative Business Structures (ABS).
Pressure group hits back at ABI compensation culture claim
The Access to Justice Action Group (Ajag) has slammed the Association of British Insurers’ (ABI) call for reform of Britain’s compensation culture laws.
Motor insurers move to help volunteers
Motor insurers have agreed not to charge extra premiums to volunteers who want to use their cars to help out their local communities such as by taking old and sick people to hospital appointments or on day trips.
Brit warns brokers to stick to current claims notification deadlines
Brit Insurance has issued a reminder to its brokers of the need for policyholders to comply with policy requirements in relation to the notification of claims.
Riot claim period could be extended to 42 days
The Association of British Insurers (ABI) has moved to reassure homeowners and businesses that claims for riot damage will be paid out and has urged the Home Secretary to extend the claims period to the police compensation scheme to 42 days.