UK insurance industry unprepared for Brexit, less than a year away

Insurance Industry - UK insurance industry not ready for Brexit - Domino

Without access to the European Union’s single market, U.K. financial firms will face unprecedented struggle. Ireland’s Central Bank Deputy Governor Ed Sibley voiced his concern about the financial and insurance industry challenges following Brexit. He stated that with less than a year before the United Kingdom withdraws from the European Union, banks and insurers remain unprepared. Sibley said the EU should not attempt to stop U.K. banks and insurance companies from the single market. Sibley’s financial and insurance industry warning is in direct opposition to certain E.U. opinions. Some E.U.…

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Women hold only one in five top insurance industry jobs

Top insurance industry jobs - Women in Business

A recent UK study showed that despite an overall industry gender balance, top jobs belong mainly to men. Of every five top insurance industry jobs four are filled by men and only one is filled by a woman. This, according to a recent study in the United Kingdom. This reveals a gender imbalance within this industry that was not entirely obvious to spot. The reason is that when looking at the employment data across the entire insurance industry, women and men fill nearly the same total number of jobs. However,…

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Wholesale insurance brokers face investigation conducted by UK FCA

Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

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UK insurance market could lose Lloyd’s staff following Brexit

Lloyd’s insurance claims - Home office building

Top boss at the massive marketplace has revealed that operations may leave the country. The UK insurance market may not remain the most important one in the world due to the Brexit vote. Chairman of Lloyd’s of London, John Nelson, cautioned that the marketplace may be required to move some of its business over to continental Europe. That could mean a loss of a large chunk of the staff currently located in the United Kingdom. In fact, Lloyd’s insurance operations may be on their way out of the country even…

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British insurers are tackling insurance fraud more effectively

insurance fraud

Insurance fraud continues to be a problem for the industry, but insurers are fighting back Insurance fraud has been a problem that insurers have been dealing with for nearly as long as the industry has existed. Over the past few years, fraud has become a much more significant problem, however, as fraud methods are becoming more sophisticated and insurers are becoming more exposed to extreme financial losses. Insurers are doing what they can to combat fraud, however, and are becoming more adept at weeding it out and identifying those responsible.…

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Life insurance controversy sparked in the United Kingdom

Life Insurance medical exam

Financial Conduct Authority criticized for breaking its own rules The Financial Conduct Authority, a financial regulatory body in the United Kingdom, may have mishandled its review of the life insurance industry last year, according to a report from a committee of members of the British Parliament. The report is the latest development in ongoing controversy regarding the Financial Conduct Authority’s plans to review the life insurance sector. This review has had a significant impact on the sector, with the regulatory body wiping some $4 billion off the value of insurance…

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Trust in the insurance industry is falling in the UK

UK cyber Insurance industry News united kingdom

Survey shows that UK consumers have little trust in their insurance providers Ernst & Young, a leading professional services firm, has released the results of its latest EY Global survey. The survey is focused on gauging the trust that consumers have in their insurance providers. According to the survey, which is comprised of information from 30 countries, the vast majority of insurance customers have below average trust in insurers. Trust has been an ongoing issue for the insurance industry, which has not been easily to overcome. Approximately only 7% of…

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Insurance news shows the mis-selling complaints in the U.K. continue

UK cyber Insurance industry News united kingdom

A recent report issued by the watchdog organization has revealed that banks will need to provide more in payouts. The Financial Ombudsman Service in the United Kingdom has now stated that the number of complaints that it has received with regards to the insurance news of the mis-selling scandal in the country have skyrocketed within the six months that ended in September. This has increased the odds that banks will be required to pay a higher amount for compensations. The Financial Ombudsman Service is the official watchdog that steps in…

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Insurance news from UK reveals investigation plans from regulator

UK cyber Insurance industry News united kingdom

The FCA is now looking into the selling strategies many insurers are using with add ons. The Financial Conduct Authority (FCA) in the United Kingdom has made an insurance news announcement that it is investigating techniques being used by insurers for the sale of their products in order to increase their competitive powers. The study is being conducted specifically into the practices surrounding the add ons in the industry. The Chief Executive of the FCA, Martin Wheatley, first announced the insurance news at an industry conference that was held on…

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UK regulators taking a hard look at insurance industry

UK cyber Insurance industry News united kingdom

Insurance industry may feel repercussions of Lloyds failure The United Kingdom’s Financial Services Authority has fined Lloyds Banking Group for some $6 million this week. The fine is due to the company’s failing to compensate customers who purchase insurance policies or acquired loans and mortgages from Lloyds. The company is accused of mis-selling payment protection insurance. This type of coverage is common throughout the insurance industry and helps ensure the repayment of loans in the event of a borrower losing the ability to handle their loans. Lloyds fails to compensate…

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