The European Parliament and Council of Ministers have reached agreement on the terms of the EU environmental liability Directive.
Environment dealThe European Parliament and Council of Ministers have reached agreement on the terms of the EU environmental liability Directive. The Directive is based on a polluter pays principle, but financial guarantees - including insurance - will be voluntary. However, this clause will be reviewed in 2010 with a view to making proposals for financial security if appropriate. The Directive will soon be formally approved by both bodies.
FM Global riseFM Global reported a 173% rise in net income for the 12 months ending 31 December 2003, reaching £387m, compared with £142m for 2002.It said operating income nearly doubled to £580m, up from £305m for the prior year.In the UK, FM Global said it saw consistent profitable growth with gross written premiums rising 16% to £332m. For the company as a whole, the combined ratio was 66.4%, which the company said had significantly exceeded its expectations.
ATE case hits wallMediation in a crucial test case on after-the-event (ATE) insurance premium levels has broken down.The case, Wells v Sussex Ambulance Services NHS Trust, is scheduled to be heard by the Supreme Court costs office on 20 April, after mediation between legal expenses insurer DAS and Norwich Union (NU) collapsed last week. NU is not disputing the claim itself, but the level of ATE premium, which in this case is £840, sources said. Sources said the decision could set a precedent for future ATE premium disputes.Neither DAS or NU were available for comment when Insurance Times went to press.