What is there to complain about this week?
Fraud
He should have known better. County Durham primary school head teacher Alan Barlow received a 12-week suspended sentence last week after he was found guilty of insurance fraud in May. Barlow, who is suspended from his job, submitted a fraudulent claim to LV= for the theft of his 2007 BMW Series 3.
Disincentive
Professional indemnity premiums will increase following the FSA’s decision to raise the maximum award the Financial Ombudsman Service can make to £150,000, PI Experts warns. It says the rise will discourage insurers from offering PI products.
Struggle
Insurers are struggling to cope with the implementation of Solvency II, International Financial Reporting Standards and other regulatory changes, Towers Watson claims. And the compliance burden won’t get easier unless they make more use of technology.
Sceptics
Two-thirds (67%) of insurance brokers don’t believe insurance fraud can be stamped out, according to a survey by Legal & General. The research, carried out for the insurer’s Fraudstoppers campaign, also says that 74% of brokers feel the recession has made insurance fraud a bigger problem.
Intrigue
What have they got to hide? The Access to Justice Action Group said this week that the Ministry of Justice had failed to respond to three Freedom of Information requests to disclose background documents on its Jackson Review implementation plans.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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