Our roving reporter looks back on a week of riot coverage, government semantics and team hangovers
Along with all other Londoners, I’m relieved that the capital escaped the scale of rioting that hit the rest of the country last night. But we are still caught up in an influx of rioting stories as the industry prepares to help sort out the mess. Labour leader Ed Miliband calls on the industry to pay claims quickly to help those affected by the riots.
David Cameron finally says what the industry has been waiting to hear: the riots, so far labelled by Whitehall as “disturbances” and “civil unrest”, are finally called “riots”. That means insurers can get genuine riot claims refunded by police authorities. The next question is: what exactly can be claimed back? The industry needs clear guidance on this.
After the Insurance Times staff summer party last night, there are some interesting complexions in the office. There are headaches, too, in France, Italy, Spain and Belgium, where stock market volatility has led to a ban on the short-selling of banking and insurance shares – a wise move after AXA’s stocks fell 10% in a single day on Wednesday.
In the professional indemnity market, I break the story that the Solicitors Regulation Authority has been forced to rewrite the Qualifying Insurers’ Agreement for the second time in two months.
Worries over capacity for solicitors’ professional indemnity are reduced as Marsh launches two last-minute facilities ahead of the 1 October renewal. Just one of the stories we’re writing up for the print magazine today.