Home insurance claimants in digital conundrum
by Gill Montia
Story link: Home insurance claimants in digital conundrum
The surge in household claims caused by the recent floods has raised questions about the status of some digital products that have been purchased by policyholders.
Consumers who have downloaded large amounts of music onto their computer hard drives may find their insurers will not cover them for the loss of the files should they be […]
Loan companies reform PPI practices
by Gill Montia
Story link: Loan companies reform PPI practices
The Financial Services Authority (FSA) has been successful in bringing an end to the practice of loan and credit card companies coercing borrowers into taking out expensive loan insurance by automatically adding the cover to online quotes.
The cover is intended to meet the cost repayments if borrowers become too ill to work or are made […]
Compensation Act impacts on claims farming
by Gill Montia
Story link: Compensation Act impacts on claims farming
According to Mark Boleat, head of regulation at the Ministry of Justice (MoJ), the Compensation Act has had the desired impact on cold calling and claims farming activity amongst firms providing legal services to bring compensation claims.
The Act, which came into force in April, is regulated by the Department for Constitutional affairs and has required […]
ABI urges Government incentives to prevent flooding
by Gill Montia
Story link: ABI urges Government incentives to prevent flooding
Government ministers have met with representatives from the insurance industry to discuss how best to deal with the cost of claims following the recent floods.
The bill facing UK insurers as a result of the June floods is currently estimated to be in the region of £1.5bn, with 31,200 homes and 7,000 businesses having been affected, […]
One in ten lie to reduce motor premiums
by Gill Montia
Story link: One in ten lie to reduce motor premiums
According to a survey by uSwitch, approximately one in 10 drivers are likely to lie or be economical with the truth to when it comes to completing their motor insurance details.
Most commonly consumers are trying to save money by lying about their age, address and where the car is parked overnight.
In the survey, which was […]
Uninsured flood victims could number 5,000
by Gill Montia
Story link: Uninsured flood victims could number 5,000
Abbey Home Insurance has produced research indicating that over 5,000 of the properties across the UK damaged by recent floods could be uninsured.
According to the Department for Environment Food and Rural Affairs, the number of properties recently affected by flood damage could be over 20,000 and Abbey Home Insurance research suggests that as many as […]
Aviva May Halt £4bn NU Reattribution
by Gill Montia
Story link: Aviva May Halt £4bn NU Reattribution
Aviva, the owner of Norwich Union (NU), is rumoured to be opposing plans to free £4 billion of surplus assets held in Norwich Union’s with profits business.
Speculation about the proposed reattribution has been rife since policyholders failed to receive an update on the scheme’s progress; according to Financial Services Authority guidelines, an update should be […]
Legal & General and CIS Receive Accolades
by Gill Montia
Story link: Legal & General and CIS Receive Accolades
Legal & General has received the Life Insurer of the Year award at the British Insurance Awards, which were held at the Royal Albert Hall in London, on Wednesday July 4th.
Legal & General has received the coveted award an impressive year eight times in ten years and Gary Burchett, managing director of the company, described […]
Unauthorised Claims Handlers Approach Flood Victims
by Gill Montia
Story link: Unauthorised Claims Handlers Approach Flood Victims
The Financial Services Authority (FSA) has issued a warning to those affected by the recent floods and is urging them exercise caution if approached by people offering help with insurance claims.
The FSA has pointed out that anyone, such as a loss adjuster, charging for a service in connection with an insurance claim must be regulated […]
Launch of Compliance MOT
by Gill Montia
Story link: Launch of Compliance MOT
Insurance Compliance Services (ICS), a company formed specifically to help professional full-time and secondary intermediaries cope with the increasing burden of industry regulation, has launched a new service for brokers who are managing FSA compliance on their own.
The ICS Compliance MOT will check a firm’s performance against 17 key areas and over 75 different issues, […]
Aviva and RSA Face £230m in Flood Claims
by Gill Montia
Story link: Aviva and RSA Face £230m in Flood Claims
The damaged caused by the recent weeks of torrential rain will leave two of the UK’s top household insurers facing claims for flood damage that are likely to be in excess of £230 million.
The owner of Norwich Union, Aviva, estimates it will be paying out over £175 million in claims, given that it holds a […]
Zurich Welcomes New Solicitors’ Code of Conduct
by Gill Montia
Story link: Zurich Welcomes New Solicitors’ Code of Conduct
Zurich Professional as heralded the introduction of the new Solicitors’ Code of Conduct 2007 as a major step forward and is hopeful that rule 5 of the code, which deals with business management, will help to reduce the number of errors occurring in residential property transactions.
An analysis of the professional negligence claims dealt with by […]
Ace and Ascot Expand in into Renewable Energy
by Gill Montia
Story link: Ace and Ascot Expand in into Renewable Energy
Ace European Group has moved into the renewable energy sector with the launch of Ace Renewable Energy, which will be available to renewable energy producers and providers in the UK.
The new product will provide cover across a range of renewable energy risks, including established areas such as wind power and the more complex risks for […]
AA Index Shows Motor Insurance Hike
by Gill Montia
Story link: AA Index Shows Motor Insurance Hike
According to the AA’s British Insurance Premium Index, car insurance premiums increased to their highest level ever over the three months to July.
The average premium quoted for annual comprehensive motor insurance rose 2.5%, to over £822, a figure over double that quoted in 1994, when the Index was first established.
In the case of third party […]
Aon & NU Highlight Terrorist Threat to Business
by Gill Montia
Story link: Aon & NU Highlight Terrorist Threat to Business
Businesses are being urged to review the level of threat posed by terrorism, in the light of Aon’s 2007 Terrorism Threat Map, which shows a shift in terms of global terrorist activity.
Aon believes that company’s need to review their vulnerabilities in terms of operations and revenue streams, and maintain a full understanding the changing nature […]
Excellent Value from Small Travel Insurers
by Gill Montia
Story link: Excellent Value from Small Travel Insurers
Monseysupermarket.com, the price comparison website, is warning consumers that travel insurance policies issued by well-known insurers do not necessarily represent the best value for money.
Research conducted by the website shows that some little known firms are currently offering excellent value for money and consumers would be well advised to shop around as buying travel insurance […]
Electronic Claims Files Arriving Shortly
by Gill Montia
Story link: Electronic Claims Files Arriving Shortly
The International Underwriting Association of London (IUA), the representative body for international and wholesale insurance and reinsurance companies, has confirmed that a number of London-based companies will soon begin to use electronic claims files (ECF).
The processing of claims in the London market has traditionally been paper intensive with underwriters handling bundles of documents for review […]
FSA Reform of Insurance Sales Regulations
by Gill Montia
Story link: FSA Reform of Insurance Sales Regulations
The Financial Services Authority (FSA) is planning a major reform of the regulations that need to be observed by those selling insurance.
In its consultation paper, the FSA is proposing a differentiated approach to the conduct of insurance business.
In the case of general insurance, such as household, motor or pet insurance, business will be conducted according […]
Flood Claim Could Exceed £1bn
by Gill Montia
Story link: Flood Claim Could Exceed £1bn
The recent flooding across the UK is expected to leave the insurance industry facing claims in excess of £1bn.
The Association of British Insurers (ABI) estimates that 27,000 homes and 5,000 businesses have sustained damage, and with further heavy rainfall occurring, the numbers could yet rise.
Some insurers are redeploying staff and increasing staffing levels in call […]
