What is there to complain about this week?
Motor insurance is the biggest area for fraudulent claims, up almost 10% over the past two years, according to research by Ordnance Survey and the Insurance Fraud Investigators Group.
Marine hull rates need to rise to combat escalating losses and higher reinsurance costs. “At present we are at the bottom of the pricing barrel and someone will get out a spade and start digging,” said ocean hull committee chairman Harry Yerkes.
Lloyd’s chief executive Richard Ward has warned insurers risk being caught up in the regulatory crackdown caused by recent banking scandals such as LIBOR. “They don’t help restore the image of financial services in the eyes of the public, the politicians and regulator,” he said.
Further delays to the contents of Omnibus II could render the January 2014 Solvency II deadline “unrealistic”, according to PwC. “Over the next few weeks, it is hoped the necessary parties can come to an agreement,” regulatory insurance partner Jim Bichard said.