Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 22nd of November 2017
March 5, 2013

Accident Claims Specialists directors jailed for fraud

by Brian Turner

Story link: Accident Claims Specialists directors jailed for fraud

Two fraudsters who made thousands of pounds from fraudulent insurance claims have been jailed. Shakir Javid was sentenced to three years in prison at Newcastle Crown Court on Friday (1 March 2013) for masterminding the scams. His accomplice, Amjed Malik Iqbal, will serve two years and four months behind bars. An investigation was launched after […]



November 29, 2012

AXA UK successful in company name challenge

by Gill Montia

Story link: AXA UK successful in company name challenge

The Company Names Tribunal has found in favour of AXA UK and ordered an unconnected company, Axa International Asset Management Limited, to change its name. Axa International Asset Management has been registered since May 2012 and did not file a defence in the matter. The firm has one month to change its name and has […]



ICO fines “compensation” text generators £440k

by Gill Montia

Story link: ICO fines “compensation” text generators £440k

The owners of a company that has been plaguing the public with unsolicited text messages and then selling on respondents’ details to claims management firms has been fined £440,000 by the Information Commissioner’s Office (ICO). An example of their work includes: “You have still not claimed the compensation you are due for the accident you […]



November 28, 2012

NAPF promotes understanding of securities class actions

by Gill Montia

Story link: NAPF promotes understanding of securities class actions

The National Association of Pension Funds (NAPF) has published a new guide to help pension fund managers and trustees understand securities class actions. This type of legal action aims to recover the financial losses of investors, being based on investor allegations that they were misled into buying securities of a publicly-traded company at prices that […]



November 10, 2012

ABI impatient over whiplash consultation

by Gill Montia

Story link: ABI impatient over whiplash consultation

The Association of British Insurers (ABI) is calling on the Government to get on and publish its consultation on the UK’s whiplash epidemic. Earlier this year, ministers agreed to consult on proposals to increase the small claims track limit for personal injury claims and introduce more independent medical experts to assess whiplash claims. According to […]



October 30, 2012

Six arrested in Gwent “crash for cash” investigation

by Gill Montia

Story link: Six arrested in Gwent “crash for cash” investigation

Gwent Police have arrested six people as part of its on-going investigation into a suspected “crash for cash” fraud ring. Operation Dino has been following up on suspicious claims referred by insurers and the Insurance Fraud Bureau (IFB) and so far 40 people have been arrested, all of whom remain on Police bail. The investigation […]



October 15, 2012

LV= streamlines corporate legal panel

by Gill Montia

Story link: LV= streamlines corporate legal panel

LV= has reviewed its corporate legal panel, which looks after the group’s business affairs. The panel now comprises four legal firms (which will work hand-in-hand with LV=’s in-house legal team) as follows: Eversheds, Bond Pearce, Clifford Chance and Norton Rose. Eversheds was on the panel previously and oversees a range of commercial and corporate work […]



“Marked discrepancy” between road injury figures and claims

by Gill Montia

Story link: “Marked discrepancy” between road injury figures and claims

Latest data from the Institute and Faculty of Actuaries show a “marked discrepancy” between official road accident injury figures since 2006 and the number of injury claims made to insurers. During the period road accidents involving injuries fell 20%, according to Police records, while the Institute’s figures show a 40% rise in third party injury […]



October 14, 2012

Driverless cars – a new insurance dilemma

by Gill Montia

Story link: Driverless cars – a new insurance dilemma

Lloyds is questioning whether driverless cars will shift the need for insurance away from consumers and towards manufacturers. Autonomous, or driverless, cars navigate using sophisticated technologies and as most road accidents are caused by human error, the technology could change the way insurance is bought and sold for consumers and manufacturers. In the US, where […]



October 13, 2012

AA signs up to IFB’s fight against fraud

by Gill Montia

Story link: AA signs up to IFB’s fight against fraud

Broker, AA Insurance Services, has become the latest organisation to sign-up as a member of the Insurance Fraud Bureau (IFB), providing a new source of data for the identification of organised fraud. Bureau director, Phil Bird, comments: “Working alongside brokers across the country is strategic priority for the IFB and we welcome the AA as […]



October 11, 2012

ABI welcomes outcome of civil litigation damages appeal

by Gill Montia

Story link: ABI welcomes outcome of civil litigation damages appeal

A decision by the Court of Appeal to revise its original decision in the case of Simmons v Castle has been welcomed by the Association of British Insurers (ABI). The ABI applied to re-open the judgment on the grounds that it would upset the package of Government reforms to the civil litigation system by introducing […]



October 7, 2012

Allianz mulls appeal over “cost of repair” ruling

by Gill Montia

Story link: Allianz mulls appeal over “cost of repair” ruling

Allianz says its legal team is considering a judgement made by Mr Justice Cooke last week regarding the practice of producing invoices to prove claims for cost of repair. According to the insurer, if the judgement stands, insurers tempted to seek recovery based upon diminution of value, rather than the traditional repair cost, will have […]



August 24, 2012

Insurance fraud attempts drop 16%

by Richard Kilner

Story link: Insurance fraud attempts drop 16%

Attempts to commit insurance fraud have declined by 16% between April and June 2012, accoridng to information and data company Experian. Research conducted by the firm found that during the three month period 10 out of every 10,000 insurance policy applications were found to be fraudulent, down from 12 last year. The vast majority (86%) […]



August 2, 2012

ABI demands changes to Riot Damages Act

by Gill Montia

Story link: ABI demands changes to Riot Damages Act

As the first anniversary of last summer’s riots approaches, the insurance industry is calling on the Government to urgently reform The Riot Damages Act (1886). According to data from the Association of British Insurers (ABI), its members experienced 3,000 riot claims and policyholders will receive around £200 million in compensation. However, while insurers have settled […]



July 30, 2012

Governments agree new tax compliance model

by Gill Montia

Story link: Governments agree new tax compliance model

The governments of France, Germany, Italy, Spain, the UK and the US have published a joint communiqué outlining a new model of tax compliance, relating in particular to the implementation of the US Foreign Account Tax Compliance Act (FATCA). According to HM Treasury, the model sets out a framework within which: 1. The legal barriers […]



July 27, 2012

Council successfully prosecutes insurance fraudsters

by Gill Montia

Story link: Council successfully prosecutes insurance fraudsters

The London Borough of Havering has brought successful prosecutions for contempt of court against three people attempting insurance fraud. Marc Bowyer, of Rush Green, and James Jones, of Dagenham, both pleaded guilty at The Royal Courts of Justice earlier this week. In addition, Mr Bowyer’s father, Richard Bowyer, who denied any involvement in the scam, […]



July 26, 2012

JLT lifts the lid on solicitors’ PI

by Gill Montia

Story link: JLT lifts the lid on solicitors’ PI

JLT Specialty (JLT) has launched a buyers’ guide to solicitors’ professional indemnity (PI) insurance. The five-step guide covers risk assessment criteria, the insurance supply chain and the impact of business planning on premiums. Readers are also invited to explore the purchasing process within the context of broader market conditions. JLT Specialty partner, Mike Perry, comments: […]



July 12, 2012

Ombudsman warning on legal expenses insurance

by Gill Montia

Story link: Ombudsman warning on legal expenses insurance

A YouGov survey commissioned by the UK’s legal ombudsman reveals that 74% of respondents didn’t know or were unsure what financial cover their legal expenses insurance provided, while 89% didn’t know or were unsure which legal services were excluded under the terms of the policy. The findings have prompted the UK’s chief legal ombudsman, Adam […]



June 15, 2012

Careless driving to become fixed penalty offence

by Gill Montia

Story link: Careless driving to become fixed penalty offence

The Department for Transport has published a consultation paper which includes a proposal to make careless driving a fixed penalty offence and open to the offer of education training. According to Transport Secretary, Mike Penning, with careless driving, the current enforcement process is time consuming and inefficient and the proposals will provide greater flexibility in […]



June 4, 2012

Whiplash claims explained

by Brian Turner

Story link: Whiplash claims explained

Russell Thomson is an injury claims lawyer working at The Injury Lawyers, who explains that while whiplash is a clear and serious issue, the whole subject of whiplash claims has become badly distorted through insurance companies selling customer details for referral fees.   Like Tony Blair and his “Education, Education, Education” speech at the start […]