Insurance & Reinsurance

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Insurance & Reinsurance

Could the police outsource to insurers?

12 March 2012 alastair walker 0

THE HEAD OF one of the UK’s largest police forces has invited insurers to help and invest in combating fraud and other criminal activity.

In a speech to the Insurance Institute of Manchester, Peter Fahy, chief constable of Greater Manchester Police indicated his support for the idea of law enforcement working more closely with the private sector and ‘outsourcing’ certain services.
“We’ve got to save £138m from our budget,” said Mr Fahy. “We are saving insurance industry money [through our investigations of crash for cash, fraud etc] is there no way we can’t work together more?” […]

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Household Insurance

Insurers to lead unwanted elderly customers towards correct aisle

8 March 2012 alastair walker 1

INSURERS UNABLE TO offer cover because of age restrictions  will have to direct the applicant towards an appropriate provider, according to new rules announced today. In a speech to the Age UK conference, Otto Thoresen, […]

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Insurance & Reinsurance

Lloyd’s promises sanction against Bribery Act failures

6 March 2012 alastair walker 0

Lloyd’s has issued a further reminder to members that it will punish those who ignore the risks posed by the UK Bribery Act 2010. According to law firm CMS Cameron McKenna, there is concern that […]

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Insurance & Reinsurance

No threat of ‘Russian Spring’ says JLT Analyst

5 March 2012 alastair walker 0

Elizabeth Stephens, Head of Credit and Political Risk Analysis for insurance broking group JLT, explores what the fractious political atmosphere holds in store for Russia following the Presidential elections on 4th March. “This time last […]

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Insurance & Reinsurance

Insurer lobbying power should force Law Society rethink

15 February 2012 alastair walker 1

If the six-point plan designed to to tackle rising motor insurance premiums outlined by Prime Minister David Cameron yesterday proves anything, it’s that lobbying this coalition just got tougher.

Before the meeting Downing Street had already made its intentions abundantly clear, by cold shouldering any representatives of the claimant personal injury market and briefing the national, trade and broadcast media that it would be the insurance industry itself who would be trusted to decide what changes are necessary in order to pass on savings to consumers. […]

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Insurance & Reinsurance

My top five headaches for the UK insurance industry

4 January 2012 alastair walker 1

FOR THOSE RUNNING brokers and insurance companies in the UK non-life market, 2012 promises to be a challenging year with reputation topping my list of worries for the industry.

Issues ranging from closure of a £500m tax loophole to how major property exposures can be managed once a decades-old pact to insure buildings at risk of flooding comes to an end; these and more will all vie for directors’ attention alongside the day to day running of businesses typically located at the grudge purchase end of the high street.

With concerns both legislative and market-driven requiring considerable thought, here’s my top five insurance industry headscratchers. […]

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Insurance & Reinsurance

Referral fees – cash in while you can

1 June 2011 alastair walker 1

Understandably the insurance industry reacted negatively to the news, but in the end cold, hard cash did the talking some days later. on 31st May, stock market analyst Collins Stewart was bullish about the prospects of FTSE 100 darling Admiral Insurance precisely because of the LSB’s protectionist stance. Referral fees are to continue and Admiral will carry on earning a tidy sum from them; a fact that won’t have gone unnoticed by the many pension funds with holdings in the motor insurer. […]