Move to end bogus holiday sickness claims
The Ministry of Justice has issued a call for evidence on holiday sickness claims, as part of its crackdown on the ‘false claims epidemic’ – a trend so commonplace it is on the verge of replacing whiplash claims as the latest scourge on the insurance industry.
The measures could help curb the number of personal injury claims brought by British holidaymakers – an upsurge of which has resulted in a 500% increase since 2013, according to travel industry estimates. Ministers have put forward proposals that would see tour operators pay a prescribed sum depending on the value of the claim, making defence costs predictable and helping to deter bogus claims.
The consultation closes on 10 November and can be viewed at: bit.ly/2yut1MN
On 1 April 2017, new rules came into effect that will increase transparency and engagement at renewal in general insurance markets.
The UK Treasury Committee is to undertake an inquiry into the introduction and operation of Solvency II
In his keynote speech to the Hong Kong Monetary Authority, FCA chief executive Andrew Bailey defined what the regulator means by ‘culture’