Association of British Insurers (ABI) News

Update: Messy Brexit Could Lead to ‘Contract Continuity’ Disruption for Insurers, Banks

As far as Brexit headaches go, Barclays Plc’s John McFarlane says that while his bank is on top of job relocations, he’s more concerned about rewriting “hundreds of thousands” of contracts. He’s not alone. Andrew Bailey, head of the U.K. …

Global Regulators’ Rethinking of Risk Assessment Welcomed by Large Insurers

Global regulators are rethinking how to assess risks in big insurance companies, marking a shift that could make life easier for the industry. The Financial Stability Board said on Tuesday it could take a different approach to assessing risk which …

Global Insurance Regulators Delay Implementation of International Capital Rule

Global regulators have given themselves more time to bridge transatlantic differences that have delayed the world’s first capital rule for insurers, raising a cheer in the sector. The International Association of Insurance Supervisors (IAIS) said its members have agreed in …

Compensation for London’s Grenfell Fire Victims May Be Capped at $5M: Reuters

The bill for compensating families of those who died in the Grenfell Tower fire in London may be as low as 4 million pounds ($5 million), according to several lawyers and a Reuters analysis of how damages laws apply in …

UK to Alter ‘Ogden Rate’ Used to Calculate Personal Injury Payments

Britain plans to alter the rate used to calculate upfront personal injury payments, the Ministry of Justice said on Thursday, a move which will reduce those payments and insurance premiums. Motor insurers’ profits were dented and insurance premiums have risen …

UK Insurers Face Looming Brexit Deadline to Move Contracts with EU Clients

Insurers in Britain face crunchtime within weeks if the government and the European Union do not allow millions of cross-border policies to continue to run undisturbed beyond Brexit. While Britain is not due to leave the bloc until March 2019, …

Post-Brexit Implementation Period ‘Desirable’ for UK, EU Firms: Bank of England

The Bank of England said a transition period after the Britain leaves the European Union would give banks more time to make orderly changes as Brexit poses risks to financial stability. With the UK due to leave the bloc in …

UK Faces Future of Record-Breaking Wet Winters, Floods: New Climate Models

Britain faces a future of record-breaking wet winters, potentially leading to more of the widespread flooding seen in recent years, according to new modeling that incorporates changing climate patterns. England and Wales now have a 34 percent chance of record …

Brexit Deal Must Protect Insurance Sector’s Benefits to UK Economy: ABI

The insurance and long-term savings sector is one of the UK’s most productive industries, adding more than £40 billion (US$51.5 billion) a year to the economy and helping Britain thrive, according to a study commissioned by the Association of British …

ABI Warned About Risks of Modern Building Materials Before Grenfell Tower Fire

“External cladding, made from combustible material can often cause significant fire spread upwards and between buildings, which is a particular concern for areas of high building density.” This now sadly prophetic statement was the Association of British Insurers’ response in …