Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 23rd of July 2018
April 4, 2012

Friends issues “contracted out” abolition reminder

by Gill Montia

Story link: Friends issues “contracted out” abolition reminder

Friends Life has issued a reminder that from 6th April 2012 the Government will automatically bring members of defined contribution pension plans, who contracted out of the additional state pension, back into the state second pension (S2P). The Government will no longer pay national insurance rebates to members’ plans, instead workers will build up an […]



March 29, 2012

Landmark ruling on asbestos cancer claims

by Gill Montia

Story link: Landmark ruling on asbestos cancer claims

The Supreme Court has ruled against an appeal by insurers regarding the scope of insurers’ obligations where employees have contracted mesothelioma, following exposure to asbestos. Mesothelioma has an unusually long gestation period, which can be in excess of 40 years between exposure to asbestos and manifestation of the disease. The insurers bringing the case maintained […]



March 26, 2012

Injury lawyers: compensation culture driven by insurance companies

by Russell Thomson

Story link: Injury lawyers: compensation culture driven by insurance companies

Russell Thomson from The Injury Lawyers explains how insurance companies are driving compensation culture for whiplash claims in a bid to chase referral fees. More from the injury lawyers injury claims website: The Injury Lawyers.   Whiplash claims, whiplash compensation, whiplash injuries – or Whiplash Cash, Whiplash Epidemic, and “the weakest necks in Britain” as the […]



March 15, 2012

ABI petitions for business in compensation culture

by Gill Montia

Story link: ABI petitions for business in compensation culture

The Association of British Insurers (ABI) is calling for action to free businesses from the fear of the UK’s compensation culture and overzealous interpretations of health and safety rules. ABI data reveals that for every £1 paid out to settle “slip and trip” style liability claims, an additional 93p is paid out in legal fees. […]



February 24, 2012

Personal injury legal fees cost UK motorists £2.4m a day

by Gill Montia

Story link: Personal injury legal fees cost UK motorists £2.4m a day

Unaffordable, unsustainable and unacceptable legal fees in settling motor personal injury claims now cost UK consumers £1,666 every minute, according to the Association of British Insurers (ABI). The ABI claims that UK consumers are paying £2.4 million a day through their motor insurance premiums, to cover legal fees incurred in settling low-value motor personal injury […]



February 22, 2012

MPs call for “Presumption of Death” Act

by Gill Montia

Story link: MPs call for “Presumption of Death” Act

The House of Commons Justice Committee is calling for new legislation to help families when someone goes missing. MPs want a “presumption of death act”, modelled on existing legislation in Scotland and Northern Ireland, to clarify the legal position of spouses and others who might otherwise suffer serious financial consequences over an unexplained disappearance. Having […]



January 30, 2012

EU data protection proposals – pros and cons

by Gill Montia

Story link: EU data protection proposals – pros and cons

The UK’s Information Commissioner has flagged up a number of problems that could arise from a proposed EU update of data protection rules. Overall, the Commissioner has welcomed the proposals, which include: 1. Strengthening provisions relating to consent so that when an individual’s consent is relied on for processing personal data it is genuine consent. […]



January 12, 2012

MPs demand tougher threshold for whiplash claims

by Gill Montia

Story link: MPs demand tougher threshold for whiplash claims

MPs have called on the insurance industry to abandon sharp practices in the management of car accident claims. In addition, the cross party Transport Committee is calling on the Government to impose a higher threshold for the payment of any compensation in whiplash cases. In a new report, the Committee warns that the spiralling cost […]



January 5, 2012

BIBA launches sanctions checking facility

by Gill Montia

Story link: BIBA launches sanctions checking facility

The British Insurance Brokers’ Association (BIBA) has launched a new sanctions checking facility that should help members comply with the Terrorism Act and the Financial Services Authority’s (FSA) financial crime requirements. The facility, which is provided by Sanctions Search, allows BIBA members to screen their client lists against HM Treasury’s UK Consolidated Financial Sanctions List, […]



December 8, 2011

Treasury consults on gender ruling

by Gill Montia

Story link: Treasury consults on gender ruling

HM Treasury has issued its promised consultation on how insurers can use gender as a risk factor. In March, the European Court of Justice ruled that the use of gender as a risk factor by insurers should not result in differences in premiums and benefits for men and women, with effect from 21st December 2012. […]



December 2, 2011

High Court throws out Sky TV warranty appeal

by Gill Montia

Story link: High Court throws out Sky TV warranty appeal

The Court of Appeal has dismissed appeals by Digital Satellite Warranty Cover and Satellite Services. The businesses, which are not registered with the Financial Services Authority (FSA), provided cover for Sky satellite TV equipment, in return for an insurance premium. Both firms described their offerings as “extended warranties” but in January, the FSA secured winding […]



November 4, 2011

Lawyers’ alternative to “no win no fee” bill

by Gill Montia

Story link: Lawyers’ alternative to “no win no fee” bill

The Association of Personal Injury Lawyers (Apil) is warning that legislation going through Parliament to change “no win no fee” will fail to address the problems in the personal injury system. Instead, the Legal Aid, Sentencing and Punishment of Offenders Bill could be a charter for the insurance industry to print money at the expense […]



October 12, 2011

“Fighting Fraud Together” launched today

by Gill Montia

Story link: “Fighting Fraud Together” launched today

Today has seen the launch of “Fighting Fraud Together” a new initiative made possible by 34 organisations (including the Insurance Fraud Bureau) joining forces to address fraud in the UK. The Government, industry representatives, voluntary groups and law enforcement agencies have sign up to a joint commitment to tackle fraud by: 1. Expanding and extending […]



Disappointment at pleural plaques ruling

by Gill Montia

Story link: Disappointment at pleural plaques ruling

Pleural plaques are in the news again, Scotland’s supreme court having today ruled that the Scottish Parliament acted within its powers in passing the Damages (Asbestos Related Conditions) (Scotland) Act 2009. The Act includes pleural plaques as a condition for which compensation is payable in Scotland. However, insurers have long argued that the plaques, which […]



October 6, 2011

LV= wins £650,000 fraud case

by Gill Montia

Story link: LV= wins £650,000 fraud case

LV= has won contempt of court proceedings brought against an attempted personal injury fraudster and her family. All three family members involved in the case have been sentenced to serve between three and six months’ imprisonment. This is the first time, as result of County Court proceedings of this type, that immediate custodial sentences have […]



FSA seeks compensation / causation change

by Gill Montia

Story link: FSA seeks compensation / causation change

The Financial Services Authority (FSA) wants to force the firms it regulates to provide 100% redress to customers who have suffered financial loss, even if the loss was not caused by faulty advice, warns Reynolds Porter Chamberlain (RPC). The City law firm explains that as the law of “causation” stands, if a financial services firm […]



September 27, 2011

Northern Ireland tightens drink-drive limits

by Gill Montia

Story link: Northern Ireland tightens drink-drive limits

Northern Ireland’s Environment Minister, Alex Attwood, has announced plans for a major shake up of drink driving laws in the province. The proposals include lower drink-drive limits and new graduated fixed penalties, with further details as follows: Lower blood alcohol limits of 50mg/100ml for most drivers and 20mg/100ml for young or inexperienced drivers and for […]



September 19, 2011

RPC appoints new insurance partner

by Gill Montia

Story link: RPC appoints new insurance partner

City law firm, Reynolds Porter Chamberlain (RPC), has announced a new partner hire: insurance lawyer, Victoria Sherratt. Currently a partner with Barlow Lyde & Gilbert, Ms Sherratt has specialised in property insurance since qualifying in 1999. Dealing with commercial risks in the UK and in international market, she had handled all types of coverage dispute […]



September 9, 2011

Government to ban referral fees

by Gill Montia

Story link: Government to ban referral fees

Referral fees in personal injury claims are to be banned by the Government, the BBC has reported. The fees have been blamed for encouraging a compensation culture and for sharp rises in motor insurance premiums alongside an explosion of law firms offering no-win-no-fee services and pestering potential claimants with unsolicited approaches. According to the Association […]



August 9, 2011

Questgates warns on riot claims time limits

by Gill Montia

Story link: Questgates warns on riot claims time limits

Questgates is warning that insurance claims resulting from recent riotous behavior could be invalidated by the slightest of delays. According to the claims management firm, local police authorities have a legal responsibility to reimburse persons who sustain damage to property as the result of a riot under the Riot Damages Act 1886. However, any claim […]