Regulation – Page 48
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NewsEcclesiastical blames Covid-19 for recorded £15.7m loss before tax in 2020
The insurer also paid out £18.7m for coronavirus-related claims ‘where there is confirmed cover’
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FeaturesBriefing: FCA could be setting sector up to fail with four-month pricing implementation period
The FCA took its time crafting the foundations of its general insurance pricing review, however it expects insurance businesses to turn around rule changes on the double – surely it’s in nobody’s interest to rush such a pivotal market change?
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NewsDespite current ‘trickle’ of home working claims, fraud ‘inevitable’ – Clyde and Co
Panellists at March’s Fraud Charter event agreed that fraudulent claims linked to home working were ’inevitable’ and that the rise in spoofing needs to be dealt with, either by the CMA or the Online Harms Bill
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FeaturesThe Building Safety Bill – what insurers and brokers need to know
With the Building Safety Bill set to pass in 2023, law firm Weightmans debates the changes this will bring and the resulting impact on the insurance industry
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FeaturesBrexit unlocks opportunities for solvency II reform
Industry commentators believe there is ‘room for improvement’ around the solvency II regulations as Brexit heralds an opportunity to shape the rules to better suit UK businesses
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NewsAdditional injuries ‘coming back in vogue’ to avoid new whiplash protocol - Kennedys
The majority of market participants expect to see non-whiplash injuries and rehabilitation claims emerge in response to the whiplash reforms
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NewsSwift claims settlement is key to rebuilding Covid-hit reputation says legal alliance
The law firm network also predicts that virtual legal hearings will become the norm moving forward and that liability risks surrounding the Covid-19 vaccine roll out could contribute to claims increases
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NewsGovernment commits to working towards state-backed PI for surveyors
The lack of affordable and available professional indemnity insurance for surveyors has been identified as a barrier by the government
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Features‘Unintended consequences’ of whiplash reforms inevitable says MoJ
At Insurance Times’s first Fraud Charter event of the year - held virtually - delegates debated the ins and outs of the new whiplash portal
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NewsInsurers must change their approach to fraud post-whiplash reform - Kennedys
Despite the reforms’ intention of reducing fraud, law firm partner believes the threat of fraudulent claims will remain the same after 31 May
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NewsLloyd’s of London to consult on Blueprint Two’s core data record
The new iteration is a major “milestone” for Lloyd’s, but it will continue to explore opportunities to improve placement, claims and settlement journeys
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FeaturesInsurers must revisit unclear policy wordings to ‘rebuild bridges with customers’
The FCA’s test case action brought ambiguous business interruption policy wordings to the fore, however the final judgment will very likely have ramifications across numerous lines of business. Insurance Times takes a closer look at the impact on insurers and brokers
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NewsInsurtech UK recommends broadening entrepreneurs’ relief scope following Spring Budget announcement
The trade body for insurtechs has put forward a series of recommendations for research and development tax credits, as investment is vital to insurtechs. However, others believe the non-movement of this tax will benefit brokers
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FeaturesBriefing: Will CMCs morph to adopt motor focus post-whiplash reforms?
This month’s Fraud Charter virtual roundtable unpicked how claims management companies could evolve following the implementation of the first part of the whiplash reforms in May – it appears there is still fertile ground here for the FCA to tend
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News Analysis‘Broken’ insurance industry must find fire insurance solution following Grenfell
Brokers attempt to pick up the pieces as insurers shun high-rise block exposures, however broker trade body believes it would be ‘disappointing’ if the industry failed to find a workable solution for a risk the sector has been insuring for centuries
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FeaturesOpinion: Test case opens industry’s eyes to depth of expectation gap
Editor Katie Scott believes the momentum around getting to grips with the expectation gap has escalated following the FCA’s test case result - insurance leaders are now preparing to tackle this head on for 2021
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News‘There’s no point looking backwards’ at industry’s BI woes says economic secretary
The economic secretary to the Treasury told online delegates that the insurance industry ‘will play a very significant role’ as the UK emerges from the coronavirus lockdown, but that it has to look to the future rather than mull on past grievances
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NewsPaying cyber ransom threats is to ensure customer survival says expert panel
Although a ‘contentious area’, industry leaders said cyber insurers that pay customers’ ransom payments are simply aiming to make ‘sure our customers survive after a particularly unpleasant incident’
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News AnalysisAdmiral Group expects to be ‘less impacted’ by FCA’s fair pricing reform
The company’s chief financial officer further identified price comparison websites (PCWs) as an ‘important distribution channel for us’, while new group chief executive Milena Mondini de Focatiis celebrated the insurer’s premium refund initiative, describing it as ‘a bit unique in the market’
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NewsInsurance industry backs unchanged IPT amid Spring Budget 2021 – but should it be cut completely?
IPT remains unchanged in the Spring Budget 2021, although the insurance industry largely welcomed this, some have raised concerns that costs are being passed on to policyholders
