In November, Treasury initiated a formal consultation on the future of captive insurance regulation. The consultation focused on how a new approach could support the competitiveness of the UK’s insurance sector, and it sought responses from industry stakeholders on areas such as authorisation processes, capital adequacy, and governance requirements.
The LAA took the unprecedented step of taking its entire online platform offline to prevent further data loss, and has since relied on a patchwork of phone lines, email correspondence and temporary workarounds to process legal aid claims. Legal aid providers have, in effect, been operating without a functioning back office for nearly ten weeks.
Hannah Gurga, director general of the Association of British Insurers, said: “As the drive to build 1.5 million new homes gets underway, the government needs to carefully consider where and how these homes are built. Every house needs to be able to withstand flooding, extreme heat, stronger winds and subsidence, and must not be built in flood-risk areas.”
Justice Ian Gault, in his ruling, said the company had failed to inform the market of material developments in a timely manner. This included its urgent need to raise NZ$100 million in reserves and actions taken by the Central Bank of Ireland to restrict its operations. The result, he concluded, was that investors were “denied timely access to material information and continued to trade, uninformed, for an extended period of more than five months”.
“With an incredibly exciting future ahead for our UK & Ireland business, I couldn’t be more pleased that we have extraordinary talent like Rob, an entrepreneur of our own, to lead it through the next phase of integration, growth and acceleration,” Howden said.
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Meanwhile, progress continues on the previously announced divestment of Saga’s insurance underwriting business to Ageas UK. The deal, which includes a 20-year affinity agreement, is on track for completion by the end of July. Ageas will take on underwriting, claims, and servicing for Saga’s motor and home insurance products, allowing the company to retain control of branding and distribution through its broking arm.
The Employers’ Association of Insurance Companies (AGV), representing the majority of private insurers across the country, confirmed it would meet again with the United Services Union (Verdi) and the German Bank Employees’ Association (DBV) following three inconclusive negotiation rounds since late March. The unions, frustrated by what they view as inadequate proposals, are ramping up strike action, with a coordinated day of demonstrations set for June 26 in cities including Berlin, Munich, Frankfurt, Hamburg and Cologne.
“Underwriters only have so much time to devote to each client. So, how do we alleviate that constraint? That’s where standardized, high-quality transition plans come in,” Davenport said. “When there are agreed standards, it becomes easier for insurers to understand a client’s direction, anticipate future risks, and engage more effectively.”
Commenting on the announcement, Erin Sims, financial services senior analyst at RSM UK, said the investment was overdue:
“More investment in flood defences is long overdue, as the industry grapples with increasing cost pressures, and weather-related claims payouts hit a record of over £200 million earlier this year (source: ABI),” she said. “Flooding causes untold misery for impacted homeowners and businesses, and puts enormous pressure on insurers, so any preventative measures are welcome.”
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