Risk, Re-/Insurance and Future Thinking
From the category archives:
AON are warning that fraud is on the rise and that insurance is going to face increasing claims from environmental threats, terrorism and product recalls. They also think nano-tech is going to bite insurers. I’d agree with fraud. Longer term, I think the environment is going to be an issue — it already is, obviously — [...]
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Insurers should be wary of reliance on an apparently iron-clad warranty. Context is critical, and the courts will look beyond the mere words to discover the true intentions of the parties. In Pratt -v- Aigaion Insurance Company [2008] EWCA Civ 1314, the Court of Appeal held that insurers were not entitled to rely on a [...]
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It’s deja vu all over again, at least for those of us who remember the last Big Recession. The FSA has been reviewing advice given to customers wanting to switch into a personal pension or SIPP. Having looked at 500 cases across 30 firms, they found that 16% of clients had received unsuitable advice. [...]
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The Guardian reports on a Ryanair emergency landing which put 16 in hospital in Limoges. Most people, I think, while scared witless, would probably expect that every so often this sort of thing “just happens”. What is markedly less reassuring, somehow (though I can’t quite put my finger on why) is that few of the [...]
We won the second phase of our case for RMP against Brent LBC, Harrow LBC and LAML today. Here is the Press Release. As before, I hope to put up a more comprehensive guide to what the judgment means shortly. London Mutuals Case: Local Authorities Cannot Sidestep EU Procurement Process Another resounding victory for Risk Management Partners [...]
On April 22nd 2008 Lord Justice Stanley Burnton handed down his judgment in R (on the application of Risk Management Partners) –v– the Council of the London Borough of Brent [2008] EWHC 692 (Admin). LAML, who were an interested party in the case, say that the court threw “out claims from the private sector that councils [...]
I am staggered by this. According to the British Lung Federation: Less than a third of tradespeople are aware asbestos exposure can cause cancer Only 12% of tradespeople know asbestos exposure can kill them Nearly a third (30%) wrongly believe most asbestos has been removed from UK buildings Three quarters (74%) have had no training in how to [...]
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UPDATE: Brighty got 7 years. Hope he serves at least 8 of them. [24/10/2007] And so farewell, Mr Bright. You were too Independent for your own good–and for many others’ good too, it seems. Brighty is behind bars today, awaiting sentencing, for his part in the downfall of Independent Insurance 6 years ago. He [...]
Details are a little sketchy at present, and I have not read the report itself yet, but it seems that EU Competition Commissioner, Neelie Kroes, has it in for the EU insurance industry on two main grounds: First, the report refers to long-standing and widespread industry practices in the reinsurance and coinsurance markets involving the alignment [...]
Interesting article from the Long Now foundation (disclosure: I’m a charter member) about the the increase in range of things that can be bet on as risk measurement becomes more precise. They refer back to the Allianz-led cat bond on floods hitting London as a prime (and new) example of such risks and then [...]
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