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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
