Politics
Insurers call on Chancellor to set new discount rate within a year
Industry leaders urged the Chancellor yesterday to set a new discount rate within the year, director general of the Association off British Insurers Huw Evans said.
Government to 'urgently' consult on discount rate cut after insurer CEO meeting
The government has said that it will “progress urgently” a consultation on the Ogden discount rate and “carefully consider” all the evidence submitted following today’s meeting between insurers and the Treasury.
Aviva takes £385m hit from discount rate cut
Aviva expects to take an exceptional charge to its 2016 profit after tax of approximately £385m as a result of the decision to cut the discount rate.
15 top insurance CEOs to meet Chancellor today over discount rate cut
The CEOs of 15 of the UK’s biggest motor and commercial liability insurers will today meet Chancellor Philip Hammond to urge an intervention on the government's decision to slash the Ogden discount rate.
Brokers believe further IPT increases will stop consumers buying insurance
Nine out of 10 brokers anticipate that households and businesses will dramatically scale back their insurance if insurance premium tax increases in the forthcoming Budget.
Government opens consultation on Insurance Distribution Directive
The government has opened a consultation on the transposition of the insurance distribution directive.
ABI hits out at ‘crazy’ discount rate decision, claiming it could affect 36 million motorists
The Association of British Insurers has warned that cutting the discount rate so severely was a “crazy decision” that will affect millions of motorists.
Direct Line hit by £230m profit blow from discount rate cut
Direct Line will see a blow to profits of up to £230m from the discount rate cut, the company said.
Admiral sees profit hit of up to £100m from discount rate cut
The discount rate cut will add between £140m to £175m to Admiral’s claims settlement bill, the insurer said.
Flood Re: One year on – how effective and successful is the scheme?
Post looks at Flood Re as it approaches its anniversary
Blog: Usage-based insurance, an untapped opportunity
The growing usage-based insurance market is an opportunity for insurers, but there are some barriers yet to overcome.
PI firms will have 'no other choice but to close' following whiplash reform
More jobs could be lost as a result of the government's whiplash reforms than were lost in the South Wales steel industry last year, Access to Justice told Post.
Discount rate change could cost motor insurers £4.9bn
Motor insurers and reinsurers could face reserve charges of £4.9bn as a result of changes to the Ogden discount rate.
Catastrophe bonds: A good year for disaster
Catastrophe bonds were invented in the early 1990s to help insurance companies mitigate the risk of major disasters. With storms brewing both politically and environmentally, can the catastrophe bond market open new doors to insurers in 2017?
Nexus Group's Colin Thompson on the evolution of MGAs
With more than 300 UK-based managing general agents underwriting roughly £5bn - circa 10% of the UK general insurance market - the MGA is already firmly established within the London market providing a key access point to local markets and the ability to…
Motor premiums will ‘inevitably’ rise owing to discount rate changes
Motor premiums will “inevitably” rise again owing to potential changes to the discount rate, insurers have warned.
Brexit whitepaper confirms UK will negotiate for financial free trade
The government’s Brexit whitepaper has reaffirmed Theresa May’s promise to negotiate the freest possible trade in financial services between the UK and the European Union.
Public bodies forced to self-insure due to government cost cutting
The government is pushing public bodies to dramatically cut their commercial insurance costs, a Post investigation can reveal.
Post Power List 2017: Therese Coffey
Flood Minister and MP for Suffolk Coastal, UK government
Post Power List 2017: Donald Trump
President, US
Post Power List 2017: Elizabeth Truss
MP for South West Norfolk, and Lord Chancellor and Secretary of State for Justice
Post Power List 2017: Michel Barnier
Chief Brexit negotiator at the European Commission
Post Power List 2017: Theresa May
Prime Minister and leader of the Conservative Party
Editor's comment: The concept of power
Another year and another Power List from your team at Post.