Will new U.K. insurance regulations limit industry competition?

UK Insurance regulations

Insurers and consumers across the United Kingdom are wondering if new rules will spike prices. The U.K. government and industry regulators have now begun a new move to help to make changes to the insurance regulations that are currently in place through the Solvency II regime. The reason is that the government and insurance regulators are worried about a less competitive market. Recently, submissions were made to the European Commission, the Bank of England, and the Treasury in order to underscore the insurance regulations they are seeking to change. Within…

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Insurance news made by Mayor of London

insurance news

Boris Johnson made a speech in which he identified the industry as “crucial” to the U.K. economy. The Mayor of London, Boris Johnson, spoke in front of an audience primarily made up of Lloyd’s market participants and made insurance news by underscoring the critical role that is played by the market in the economy of London. He also pointed out that there is a need to boost international investment in the city. Johnson spoke within the historic Underwriting Room alongside John Nelson, the chairman of Lloyd’s. Together, the insurance news…

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Landlord insurance recommended to help protect investments in the UK

Landlord Insurance

Property owners who are renting out have been advised to make sure they have coverage against floods. Experts in the landlord insurance sector of the industry are reminding the owners of rented properties in the United Kingdom about the importance of protecting their investment, particularly against perils such as flooding, which have become an increasing problem over the last few years. They are reminding these owners that a policy could make the difference between the life and death of their investments. Flooding is already becoming a growing issue in the…

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Crop insurance push made by farmers to U.K. government

crop insurance policy

The National Farmers Union has estimated that last year’s rains came with a £1.3 billion price tag. The record breaking rainfall that was experienced in the U.K. in 2012 has cost farmers across the country an estimated £1.3 billion as a result of poor harvests and the more expensive price of feed for cattle that ensued, leading farmers to ask the government for crop insurance against extreme weather events. This request is meant to help the country to be able to uphold its national food security. Data from the National…

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Life insurance business shut down, cutting 139 jobs

Closed life insurance business

Scotland’s largest insurer will be eliminating its U.K. unit as it moves away from the sector. Standard Life Plc, the biggest insurer in Scotland, will be leaving the life insurance industry, leaving 139 people from its United Kingdom unit out of a job. The majority of the positions will be lost in Scotland, within several different divisions. Standard Life insurance jobs will be lost in the marketing and advising divisions, as well as in information technology, according to a statement from the company. The insurer has said that it has…

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Payment protection insurance sparks disputes in the United Kingdom

Homeowners insurance New Jersey

UK PPI coverage the subject of controversy The United Kingdom’s Financial Ombudsman Service, a mediation organization that works to settle disputes between consumers and UK businesses, has released information concerning the population’s stance on payment protection insurance (PPI). PPI is a type of insurance that is meant to protect loans and ensure repayment. This type of insurance is quite popular in the UK, but not amongst consumers. It is being reported that UK consumers are complaining about this type of insurance coverage, and the companies providing the coverage, in droves. Claims that…

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Insurance for the Olympic Games a major issue for UK insurers

Insurance professionals prepared to provide coverage for the Olympics There is a scant one hundred days before the 2012 Olympic Games begin in the United Kingdom. Preparations for the event are still underway and London’s insurance community is beginning to feel the pressure. Many of the city’s insurance agents and providers have been working for over a year to establish a safety net for the event. The Olympics is fraught with risk as the event attracts thousands of foreign visitors and athletes and collects them into a single, localized area.…

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Combined Insurance Co. of America receives $8.7 million fine for regulatory breaches

Non-life insurance company, Combined Insurance Co. of America has received fines totaling $8.7 million in the United Kingdom and Ireland due to a number of regulatory breaches. The insurer sells its products via agents affiliated with the company, and is required to pay a fine of $4.36 million to the Central Bank of Ireland through its Combined Insurance Co. of Europe Ltd. division. Separately, the company received a fine worth $4.34 million from the U.K. Financial Services Authority as a result of a failure to manage its selling processes, as…

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Swinton Commercial helps its commercial customers to protect themselves against Halloween mischief

As the end of October approaches, so does Halloween, Mischief Night, and Guy Fawkes, meaning that businesses in the United Kingdom are taking extra efforts to protect themselves against any possible damage to their properties that can occur during this time.  In this light, Swinton Commercial is recommending that businesses check their insurance policies and make certain that they are adequately covered against this type of problem.  Previous years have seen damage to the doors, windows, and paintjobs on stores on Mischief Night, an annual tradition most common in the…

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Property maintenance neglect by landlords revealed in insurance claims

Simply Business, the biggest business and landlord insurance broker in the United Kingdom, has released data that showed that landlords’ tightening budgets are starting to affect their ability to maintain their properties, and that the number of insurance claims made for avoidable issues such as burst pipes, leaks, damage do to frost, and problems relating to wear and tear have risen by 5 percent since 2008. This information was drawn from the claims made by more than 3,500 private landlords and indicated that the largest cause of claims is water…

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