HM Treasury
Treasury confirms 'strong case' for Solvency II reforms to free up resource and allow UK insurers more flexibility
The government is planning to bring forward reforms to free up resource on insurers’ balance sheets and allow insurers more flexibility around investments as it rewrites the UK’s Solvency II regime.
Treasury Select Committee calls for fraudulent ads to be tackled in Online Safety Bill
The Treasury Select Committee has criticised the government for a “missed opportunity” to tackle fraudulent online adverts and prevent customers being scammed by fake financial products.
Intelligence: What will the reviews of Solvency II mean for the UK and beyond?
When the Solvency II regulation was conceived in 2001, the term Brexit didn’t even exist. Fast forward 20 years and as well as the UK’s exit from the European Union the general insurance market is facing a pandemic no one foresaw and persistently low…
Government-backed trade credit reinsurance scheme to end on 30 June
The UK trade credit reinsurance scheme will close on 30 June, the government and the Association of British Insurers have announced.
Broker and insurer FSCS levies still up despite forecasts being slashed
The Financial Services Compensation Scheme has issued final levies for 2021/22 of £73.8m for brokers and £189.8m for insurers, down significantly on initial estimates but still up on this year’s bills.
Biba 2021: Key takeaways from John Glen's appearance
John Glen MP, Economic Secretary to the Treasury, tackled insurance premium tax, broker Financial Services Compensation Scheme levies, cladding, Brexit and more in his keynote address to the British Insurance Brokers’ Association’s 2021 conference…
Chubb and Marsh unveil Covid-19 vaccination solution; insurtech investment hits quarterly high; motor/home premiums fall; and Aviva offers cover to new customers affected by cladding crisis
Post wraps up the major insurance deals, launches, investments and strategic moves of the week not covered elsewhere on www.postonline.co.uk
Interview: Keith Richards, CII - Looking back, dialling forward
Chartered Insurance Institute chief membership officer Keith Richards, one of only four people to have led the Personal Finance Society, will be leaving this June after being in charge of the PFS for half of its 16-year existence.
Risks taken on by government 'must be in the public interest': HMT's Miriam Sachak
Against a backdrop of calls for the government to underwrite more pandemic-related risks, HM Treasury head of domestic and retail insurance policy Miriam Sachak has said risks taken on by the government "must be in the public interest" and complement…
Braun, Fisher and Woolard among sector leaders named on government socio-economic taskforce
Yvonne Braun, Sian Fisher, Tracy Garrad, Georgina Philippou and Chris Woolard have been appointed to a government taskforce designed to boost socio-economic diversity at senior levels across the UK.
Government's understanding of how BI claims are calculated contains 'fundamental flaw'
The government’s understanding of insurance contracts is fundamentally flawed and endangers the chances of its expectations with respect to Covid-related business interruption claims being met, claims dispute expert Roger Flaxman has said.
Amanda Blanc named Women in Finance Champion
Aviva CEO Amanda Blanc has succeeded Dame Jayne Anne-Gadhia as HM Treasury’s Women in Finance Champion.
BI claims deductions should not leave businesses at 'an overall financial disadvantage', says HMT
Exclusive: Insurers should not make deductions from business interruption claims because insureds received government support during the pandemic if doing so leaves businesses at “an overall financial disadvantage”, the Economic Secretary to the Treasury…
For the record: Brightside sold to Markerstudy; Aviva acquires Axa XL HNW team; Aston Lark buys Bruce Stevenson and Inflexion invests in broking again
Post wraps up the major insurance deals, launches and investments of the week
IPT unscathed in Budget with corporation tax set to rise in 2023
Insurance premium tax went unmentioned in the Spring Budget announcement, with developments including additional apprenticeships funding, a furlough extension and a corporation tax hike from 2023.
Brokers urge push back on soaring contributions as FSCS levy total poised to break £1bn
Brokers have called for the insurance industry to kick back against the increase in their Financial Services Compensation Scheme levy with the sector’s bill set to more than triple to £146.8m in 2021/22.
Industry urges rapid action on reforms as Solvency II and future of regulation reviews close
Following "data not dates" means there is no need to delay regulatory reforms where there is common ground, experts told the audience at the Association of British Insurers’ annual conference yesterday alongside calls for the watchdogs to have a…
Disputes over furlough deductions from BI claims continue as adjusters and assessors call for clear guidance
Loss adjusters and assessors have called on the government and regulators to publish clear guidance on how government support received by businesses is to be treated in respect of lockdown-related interruption claims.
Former Lib Dem leader brands insurer Covid BI claims handling 'deeply depressing'
Former Liberal Democrat leader Tim Farron has called the conduct of insurers during the coronavirus pandemic “deeply depressing” and urged the Chancellor of the Exchequer to “take steps to protect insurance customers from the actions of insurers”.
Brexit: Looking forward, looking back
With the Brexit transition period ending on 31 December, Post asked insurance trade bodies and associations about the biggest challenges and changes for the market.
Amanda Blanc-led review finds flood cover dearth
A flood insurance review led by Aviva CEO Amanda Blanc has found that a significant proportion of households eligible for Flood Re supported policies are not offered flood cover.
Solvency II review to be tempered by equivalency considerations
Possible changes to the prudential regulations governing UK insurers could be limited by a desire not to stray too far from the EU’s Solvency II regime, a partner at Mazars has told Post.
Government hits out at insurers over grant deductions from BI claims
John Glen MP, economic secretary to HM Treasury, has rebuked insurers deducting government grants from business interruption claims payments and warned of further action.
ABI appoints Charlotte Clark ahead of Hugh Savill retiring
Charlotte Clark has been appointed as director of regulation at the Association of British Insurers, replacing Hugh Savill who is retiring at the end of the year.