Insurance news

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As the world and, in particular, communication methods developed so did commercial and legal practices. Therefore, she said, there was a need to update the MIA 1906 to ensure that the law remained relevant to modern commercial practices and aligned with other key jurisdictions who were modernising their local insurance legislation to put more onus upon underwriters and less reliance upon the insured to feed information to the insurers.

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The demand is there, whether for first-time buyers, home movers, or those remortgaging. The advisers who will thrive in this environment are the ones who educate their clients, anticipate changes, and offer the right financial products to guide them. Build trust now, and you’ll create long-term relationships. 

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One of President Trump’s initial actions upon stepping into office was signing Executive Order 14168, titled “Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government”, which effectively withdrew federal recognition for transgender individuals and aimed to eliminate diversity, equity, and inclusion (DEI) programs within the federal government.

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Moving beyond just “talking the talk”

CUO at Zurich UK Caroline Dunn (pictured centre, left), said it’s clear that it’s no longer enough to simply “talk the talk”. But what’s more important, she said, is that when this action is taken, there’s close monitoring of whether it’s helping with the overall journey. “At Zurich, we’ve moved beyond a focus on gender in isolation,” she said. “Our latest initiative to publish our social mobility pay gap does just this, it’s a characteristic which holds many D&I measures together.

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Fraudsters typically target high-end microphones, which are compact, easy to transport, and have strong resale value. These items can be worth up to £10,000. In some cases, criminals establish credibility by initially renting smaller items before making larger fraudulent requests. 

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What AI considerations do insurance businesses need to be aware of?

Sharing insights into some of the current – and future – legal implications of AI on the insurance industry, Rosehana Amin (pictured), partner at Clyde & Co, noted that regulators are turning a closer eye to AI governance, which has important legal implications for the insurance industry. In the UK, there is no single comprehensive AI regulation. Rather, she said, the UK is adopting a sector based approach based on a set of principles to manage AI risks.

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“The group has delivered on the strategic objectives set out by Adam Winslow at our capital markets day in July,” said Richard Ward, Direct Line Group’s remuneration chairman, in the annual report. “Strong growth in our core product areas has driven improved trading performance, further supported by bringing Direct Line Motor on to price comparison websites for the first time.”

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The team will be led by Rob Best, who has four decades of experience in the London insurance market, having built teams at JLT, Gallagher, and Willis. He will be joined by David Sparrow, former CEO of Built Asset Consultancy EC Harris and a former member of the Global Management Committee at Environmental Consultancy Arcadis.

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It also includes protection against losses from social engineering fraud, including impersonation fraud, such as fake president fraud. Losses due to third-party fraud, including robbery, burglary, fake buyers or suppliers, payment diversion, and forged invoices, are covered as well. In addition, the policy includes business continuation costs for up to six months following a fraud incident.

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