The latest update covering delegated authority, insurance product development, the senior insurance managers regime, data protection, operational control frameworks, Lloyds market, and horizon scanning.
In every issue we will provide you with a collection of the latest news and developments from the sector. Carefully and reliably selected by our research and legal team, please use this excellent source of intel to stay updated and informed.
A look at the facts and figures determining future growth at Lloyds, insight into the new research projects taking shape and how an innovative new tool is set to improve insurance contract review globally.
Between 2013 and 2018, Lloyd’s premiums surpassed global economic growth and global non-life commercial insurance growth.
But there is room for further expansion, as illustrated by the fact that global commercial insurance penetration sits at less than 1% and that Lloyd’s estimates the global insurance gap at US$163 bn. Lloyds 25/6/19
The key aim of the funding is to further our understanding of the protection/ resilience gap. This is an issue that has real synergy with risk-related academic research that looks at current and future financial risks arising from a variety of trends. This could be from stranded assets to the challenges facing urban populations. The topics can cover different geographies and risk classes, from established risks, to newly emerging insurance markets.
The funding will be offered in two rounds; two proof of concept grants of up to £50,000 will be awarded to successful applicants for research projects lasting up to six months. Following the successful completion of the proof of concept phase, both projects will be offered the chance to apply for continued funding for the same project for up to a further two years and for up to £250,000. Lloyds 24/6/19
Today Lloyd’s confirmed that the proposals set out in the Future at Lloyd’s prospectus have received widespread backing from Lloyd’s market participants, customers and other stakeholders, as the consultation on the global insurance market’s bold new strategy, launched on 1 May this year, draws to a close and the blueprint build begins. Lloyds 11/7/19
The tool, Contract Confidence, uses advanced search techniques to scan contracts and check for errors and discrepancies. For example, the tool runs checks against 1,400 open market rules (regulatory, tax and Lloyd’s advisory) and highlights where the contract has failed or may have failed a check.
It also offers the functionality for underwriters to set their own rules, so that risks with exposures outside of appetite can be identified quickly and comes pre-populated with the full set of clauses from the new Lloyd’s Wordings Repository.
The tool benefits customers by creating more right-first time contracts, which means fewer disputes, faster claims resolution and lower policy costs
Lloyd’s has confirmed the targets for electronic placement for the remainder of 2019.
For Q3 2019 each syndicate will be required to have written no less than 60% of its risks using a recognised electronic placement system with the target increasing to 70% in Q4. Lloyds 2/7/19
This in-depth report provides thematic analysis and examination of the general good rules.
Insuring the uninsurable. Tackling emerging risks head on with new initiatives.
A group of Lloyd’s underwriters have launched The Product Innovation Facility – a new initiative with £53m of capacity designed to speed up (re)insurance product development for today’s new and emerging risks.
The market-led solution, led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo will trial new types of insurance for complex and non-standard risks, including, but not limited to, intangible assets and supply chain risks, or mishaps caused by artificial intelligence.
Lloyd’s has committed to nurturing a “safe space” for underwriters to experiment with new ideas in a controlled way, which balances the need for appropriate oversight with the risk of not innovating fast enough. Lloyds 25/6/19
Assessing the full force of the GDPR – showing results, but more work to be done?
ICO News 02 08 2019
Law Society Gazette 01 08 2019
ICO News 29 07 2019
Guardian 29 07 2019
European Commission Press Release 24 07 2019
Guardian 23 07 2019
ICO News 19 07 2019
ICO News 17 07 2019
24 June 2019 ICO News
The ICO has fined telecoms company EE Limited £100,000 for sending over 2.5 million direct marketing messages to its customers, without consent.
20 June 2019 ICO News
In recent months we’ve been reviewing how personal data is used in real time bidding (RTB) in programmatic advertising, engaging with key stakeholders directly and via our fact-finding forum event to understand the views and concerns of those involved.
Guardian 27 06 2019
ICO 3 July 2019
08 July 2019 ICO News
Statement in response to an announcement to the London Stock Exchange that the ICO intends to fine British Airways for breaches of data protection law.
Following an extensive investigation the ICO has issued a notice of its intention to fine British Airways £183.39M for infringements of the General Data Protection Regulation (GDPR).
Ministry of Housing, Communities & Local Government 08 07 2019
Sets out how the government is considering privacy issues in the context of enabling more open access to energy performance of buildings data.
Guardian 08 07 2019
ICO 09 07 2019
Beaming 09 07 2019
30 July 2019 Insurance Europe
European Insurance and Occupational Pensions Authority 12 July 2019
3 July 2019 Insurance Europe
Insurance Europe has welcomed a consultation by the European Commission on the Distance Marketing
24/6/19 House of Lords made amendments.
3rd reading in the House of Lords 2/7/19.
New rate bad news for insurance customers and taxpayers Commenting on today’s Government announcement that the Discount Rate used to assess compensation for serious personal injury compensation from 5th August 2019.
On 28 June 2019
This article is the second in a series to help firms take a practical approach to complying with the ‘cross-cutting rules’ within the new ‘Consumer Duty’ (CD) framework. The article summarises what it seems the Financial Conduct Authority (FCA) is seeking to achieve from the applicable rules (section 2 below) and potential complications arising from legal considerations (section 3).
Claims arising from interest-only mortgages have been farmed in volume. Many such claims to date have sought to drive a narrative that interest-only mortgages are an inherently toxic product and brokers were negligent simply for suggesting them. Taylor is a helpful recalibration, focussing instead on what the monies raised by the mortgage product were being used for and whether the client understood the inherent risks.
An engineering company in Tyne and Wear was fined £20,000 after a worker fractured his pelvis and suffered internal injuries after falling through a petrol station forecourt canopy, whilst he was replacing the guttering.
Investment zones have been introduced by the Conservative party to get the United Kingdom (UK) ‘working, building and growing’. They are to be designated sites which provide time-limited tax incentives, streamlined planning rules and wider support for local growth to encourage investment and accelerate the development of housing and infrastructure that the UK needs to drive economic growth. Processes and requirements that slow down development will be stripped back with the intention of attracting new investment.
Practice Direction 57AC (“PD57AC”) relates to witness evidence in trials and explicitly applies only to the Business and Property Courts. It applies to existing proceedings in which the witness statements for trial are signed on or after 6 April 2021.
It is clear that the digital landscape, often termed cyberspace, is a man-made environment, in which human behaviour dominates and where technology both influences and aids our role in it — through the internet, telecoms and networked computer systems, which are often interdependent. The extent to which any organisation is potentially vulnerable to cyber-attack depends on how well these elements are aligned.
This article is the first in a series aimed to help firms get to grips on a practical basis with the ‘cross-cutting rules’ within the new ‘Consumer Duty’ framework.
The use of social media platforms and applications can have overwhelmingly positive benefits for public bodies. However, regulatory action recently taken by the Information Commissioner, has highlighted various pitfalls that public bodies should seek to avoid if allowing staff to use social media as a communication tool.