We trawled the web and found these interesting bites of insurance related news;
BACKDATED PAY FOR INDIAN INSURANCE EMPLOYEES
This is a neat way to deal with the cost of living crisis. Employees of four State onwed insurance brands will receive a 12% pay rise, backdated to 2017, reports the Hindu BusinessLine. All good for the staff, but there is a sting in the tail, which is that in future pay wil be linked to performance – or rather profits made. So some State run insurers who currently lose money will not be getting another rise, unless the company results are better in 2023.
Imagine that level of pay rise, backdated, across the big UK insurance brands.
ZOPPER RAISES MORE CASH
We missed this one from a few weeks ago, worth noting; Zopper has raised $75m
The New Delhi–headquartered startup’s Series C funding was led by Creaegis, ICICI Venture and Bessemer Venture Partners, as well as existing backer Blume Ventures. Zopper has been working with Amazon and phone brand Xiomi in India on embedded insurance offers. Also worth noting that IRDAI – the local regulator – is considering opening up the distribution of insurance products in the future, which could see brands able to sell some Life and health product lines directly online, rather than use agents/brokers.
SABRE UPDATES STOCK MARKET
Sabre Insurance PLC updated the UK stock market last week. The Surrey, England-based motor insurance provider said it has increased prices in the face of claims inflation, which it says is running at roughly 12%.
“In response to this inflationary environment – and in contrast to the broader market – Sabre has continued to increase prices to reflect claims inflation fully, increasing Motor policy prices by 24% to the end of September 2022, and by 31% over the past twelve months,” Sabre said.
Promisingly, volumes are still in line with expectations despite price hikes, it said. In the nine months to September 30, gross written premiums rose to GBP135.7 million from GBP126.7 million a year earlier. In 2021, gross written premiums amounted to GBP169.3 million.
INSURANCE BROKER LOSES TRIBUNAL CLAIM
Clegg Gifford & Co have lost a employment tribunal claim, brought by a former employee. HRdirector website reports that David Finch was in the process of negotiating a settlement deal for him to leave her firm. However his boss Shirley Bellamy MD claimed he has been around ‘as long as Pontius Pilate’.
The 66 year old – who had worked in the industry ‘a great many years’ – found the comparison to the ancient Roman governor of Israel who ordered the crucifixion of Jesus Christ more than 2,000 years ago ‘humiliating and offensive’.
The tribunal will award damages at a later date.
INTERESTING VIEWPOINT ON NEW RIGHT TO WORK SCHEME
The construction industry website Contractor UK has a lively opinion column, which details the hoops that site workers need to jump through to get a job. The new digital checking system is supposed to prevent gangmasters from bringing trafficked workers and slaves to the UK, but according to the author, it may be having the opposite effect and making life easier for those without any real ID paperwork, plus discriminating against UK born workers.
Firstly, you can only apply if you have a valid UK passport and we all know that once a passport is sent away fro renewal it can take 1-3 months to get a new one issued. Also some people can’t afford a passport and have no intention of leaving the UK, they just want a job.
Illegal immigrants can get around this Passport problem by providing a fake birth certificate, which is – according to the author – available online for about £25. That raises concerns for insurers too, as most brands want to verify ID when selling Commercial, Business or some Specialty cover.
Read the column here.