Summertime sadness: 2022 heatwave leaves insurers with £219bn subsidence bill March 21, 2023 Insurers are set to pay out £219m to Brits whose houses sunk into the ground due to the heatwave last year, new figures from the Association of British Insurers (ABI) show. The summer heatwave, which saw temperatures in the Lincolnshire town on Coningsby hit record highs of 40.3 degrees Celsius, led to a surge in [...]
Budget: Hunt considering pension changes to encourage over 50s back to work March 14, 2023 The Chancellor is understood to be looking at increasing the pension lifetime allowance (LTA) in a move that is being interpreted as attempting to reverse the trend of early retirements. The PA news agency understands Jeremy Hunt is considering allowing workers to put more money into their pension pot before being taxed as part of [...]
Labour ‘very supportive’ of post-Brexit overhaul of EU Solvency II rules February 21, 2023 Labour is “very supportive” of the government’s plans to overhaul EU rules that govern Britain’s insurance sector, shadow chancellor Rachel Reeves said. The government is eager to overhaul the EU-era Solvency II rules, which govern the sums of money insurers must hold on their balance sheets to protect themselves against bankruptcy, in a bid to [...]
Insurers are undervaluing policy holders’ cars, FCA warns December 4, 2022 The UK’s financial watchdog has warned insurers against undervaluing policyholders’ vehicles after seeing evidence of customers being offered payouts less than their cars are worth. The Financial Conduct Authority (FCA) said it had seen evidence of customers who have had their cars written off being offered less money than their vehicle’s fair market price. It [...]
Europe’s insurance lobby welcomes overturning of EU online marketing rules October 26, 2022 Europe’s main insurance sector lobby group has welcomed the EU’s decision to overturn rules regulating the sector’s online and telecoms marketing activities. Insurance Europe, whose members include Lloyd’s and the Association of British Insurers (ABI), said it “strongly welcomes” the repeal of the EU’s consumer rights legislation, which seeks to protect consumers that sign contracts [...]
City groups rally Kwarteng on post-Brexit financial services reforms October 9, 2022 City groups are calling for more speed and clarity from the government over proposed changes to the financial services rulebook post-Brexit as the Chancellor comes closer to outlining his plans to unleash the City. TheCityUK tonight urged the Treasury to bring forward changes to “ensure continued high-quality proportionate regulation”, while UK Finance called for “a sustained [...]
FCA warns millions of Brits who live in blocks of flats urgently need better protection September 21, 2022 Under a move by the City watchdog to improve how the buildings insurance market operates, the FCA said today that people living in blocks of flats could receive greater protections from high insurance costs. A cross-industry risk-sharing scheme could be set up to limit the risk to individual insurers posed by buildings affected by flammable [...]
Insurance lobby pushes back against EU’s ESG rules September 13, 2022 Insurance sector lobby group Insurance Europe has called on the EU to prioritize setting climate standards over social ones, in putting forward its ESG taxonomy. In a response to an EU consultation, Insurance Europe called on the bloc to hold back from setting “overly prescriptive” ESG standards, particularly in regards to human rights, as [...]
Square Mile lobby urges new City minister to push through Brexit reforms September 13, 2022 New City minister Andrew Griffith must push forward with the government’s plan to reform the UK’s financial services rulebook post-Brexit, the industry’s leading business group has said. TheCityUK today congratulated the ex-Sky executive on his appointment and called on the Treasury to ensure the UK is a “well-regulated, open and competitive place to do business”. [...]
Premier League and EFL cancel this weekend’s fixtures despite guidance there was ‘no obligation’ to do so September 9, 2022 The Premier League and English Football League has cancelled this weekend’s fixtures to mark the death of Her Majesty the Queen despite government guidance there was “no obligation” to do so. England’s footballing body released a statement on Friday saying it took the drastic action following the death of Her Majesty Queen Elizabeth aged 96. [...]