Author Archives: Ralph Savage
Lloyd’s CEO in rate discipline call after $800m loss
Following the second costliest year for catastrophes on record for the insurance industry, Lloyd’s today announced a loss of £516 million (US$800 million) for 2011. Lloyd’s incurred total net claims … Continue reading
Could the police outsource to insurers?
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?”
Insurers to lead unwanted elderly customers towards correct aisle
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 … Continue reading
Top 10 predictions for UK Budget; Grant Thornton
THE UK CHANCELLOR of the Exchequer George Osborne will deliver his spring budget on 21st March and Francesca Lagerberg, Head of Tax at business and financial adviser Grant Thornton UK has … Continue reading
Lloyd’s promises sanction against Bribery Act failures
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 … Continue reading
No threat of ‘Russian Spring’ says JLT Analyst
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 … Continue reading
Insurer lobbying power should force Law Society rethink
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.
My top five headaches for the UK insurance industry
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.
Anti #LASPO lobbying a mixed success
Around 2.30pm yesterday, my Legal Tweets twitter list gurgled into life with claims that the Legal Aid, Sentencing and Punishment of Offenders Bill, had been delayed. I also had a stream … Continue reading
