Politics
Corporate Underinsurance: Improving understanding of business interruption cover
Last year's riots brought the problem of a lack of business interruption cover to the fore. What are the solutions to underinsurance in this area?
Aviva’s McMillan bullish on insurer summit outcomes
David McMillan, chief executive officer UKGI at Aviva, has told Insurance Age he was as optimistic as he had ever been on reducing the cost of motor premiums following the outcome of last week’s insurance summit with the Prime Minister, David Cameron.
Business continuity plans likely to reduce premiums
New research has suggested that insurers are happy to provide premium discounts to companies that have business continuity plans in place.
Industry agrees to reduce premiums if government action cuts legal costs
The government has made a commitment to tackle the country’s growing compensation culture, reduce legal costs and cut health and safety red tape in return for the insurance industry’s assurance that it will pass any resultant savings on to consumers.
PM to challenge industry to reduce cost of motor premiums
David Cameron will host a summit with insurance industry representatives, consumer bodies and business groups in a bid to bring down the cost of insurance premiums and tackle the country's growing compensation culture.
Motor PI portal limit extended to £25,000
The Association of British Insurers (ABI) has welcomed the government announcement to extend the claims limit for settling personal injury motor claims from £10,000 to £25,000.
Whiplash summit called to tackle rising motor insurance costs
Cabinet ministers are set to discuss tactics to get a grip on the soaring number of whiplash claims as the government continues to look at ways to tackle rising motor insurance costs.
Laspo bill delayed until April 2013
The Jackson reforms will not be implemented until April 2013, the government has announced.
ABI refuses to renew statement of principles for flood insurance
The Association of British Insurers (ABI) has hit out at the government and said it would not renew the statement of principles for flood insurance as it was supposed to be a short-term measure and grossly distorted the market.
AA warns homes may become uninsurable against flood risk
AA Insurance has called on the government to take “decisive action” before homes in flood-prone areas of the UK become uninsurable.
MPs criticise government over flood defences
The Commons Public Accounts Committee has criticised the government over flood defences and urged the Association of British Insurers to renew its statement of principles on flood insurance.
Jack Straw to "push on" with motor reform
Jack Straw has vowed to fight on in his bid to reform the UK motor insurance market despite his Motor Insurance Regulation Bill hitting the wall.
Time running out for Straw's motor bill
Jack Straw MP’s Motor Insurance Regulation Bill is to have its second reading in the House of Commons today although there is little prospect of it becoming law.
Jack Straw warns of regulatory threat facing motor insurers
Jack Straw has called on the industry, particularly insurers, to do much more to reform the private motor market or face further government intervention.
Treasury aims to tackle aloof nature and expense of regulator
The Financial Services Authority (FSA) is too expensive, aloof and bureaucratic and does not protect consumers from regulatory failure.
Biba commits to regulatory focus for 2012
The British Insurance Brokers’ Association (Biba) has revealed that its main focus for 2012 will be achieving appropriate, proportionate and cost effective regulation for its members.
Industry laments lack of referral fee bite in TSC report
The Transport Select Committee’s follow up report into the cost of motor insurance has been widely welcomed by the insurance industry but there is frustration that proposed measures to tackle referral fees do not go far enough.
Select Committee report focuses on whiplash claims and referral fees
The Transport Select Committee has called for the bar to receiving compensation for whiplash to be raised and for the receipt of referral fees to be banned across the board.
Taxman punishes SMEs while indulging big business
The Forum of Private Business has accused HMRC of indulging in the “harassment and mistreatment” of small business while arranging “sweetheart deals” with large companies.
OFT launches third party repair and credit hire investigation
The Office of Fair Trading (OFT) has launched an investigation into the provision of third party vehicle repairs and credit hire replacement vehicles in the UK motor market.
Winners and losers
If the ban on referral fees goes ahead next year, the repercussions could be felt throughout the industry, explains Tony Cornell
LMA urges Ombudsman to look at true costs of rising motor premiums
The Lloyd’s Market Association (LMA) has stressed that losses in the motor insurance market and unnecessary costs faced by insurers are responsible for pushing up prices for customers.
ABI sets out the top five motor insurance priorities
The Association of British Insurers (ABI) has highlighted the need to reduce young driver deaths and serious injuries as one of the five key priorities for the industry.
Trade bodies respond to flood insurance concerns
The British Insurance Brokers’ Association (Biba) and the Association of British Insurers (ABI) have both moved to address the insurance problems being faced by homeowners in flood affected regions.