Irish Levy tax to affect all insurances including professional indemnity insurance

The new levy tax of 2% on all non-life insurance polcies except health, marine, aviation, cargo and re-insurance risks comes into affect on 1st January 2012. This new charge is to be added to the existing Irish insurance premium taxes.
The funds raised from this new levy are to pay for the losses from Quinn Insurance, which went into administration in 2010.
This will mean companies will be paying more for their professional indemnity insurance and public liability insurance from the beginning of 2012.

Possible medical malpractice claims

There is concern over cheap breast implants could lead to professional indemnity medical malpractice claims

There is serious doubts over some breast implants and thousands of women who have been advised to have them removed.

There has been several cases of cancer linked to a company called Poly Implant Prothese (PIP) and suggestion that these implants should be removed.

PIP was apparently one of the worlds largest suppliers of breast implants, the company has since been shut down and it's product banned based on it causing serious injury.

This of course opens up claims against the directors & officers insurance (if still operating) and of course against any professional indemnity insurance or medical malpractice covers.

The French authorities have already began a criminal investigation. Directors and officers could be charged and after the Health Product Safety Agency said that it could no longer exclude the possibility that industrial silicone was used in the implants.

FSA to Set Out New Mortgage Lending Rules to Reduce Future Liabilities to Spark P.I.I Claims

The City regulator the FSA is setting out new rules to avoid another problem with risky mortgage lending. IFA's mortgage brokers and banks will have to collect much more information and make sure that those people applying for mortgages can afford re payments without this new in-depth classifications at peoples finances before lending the industry may well find themselves facing claims against their professional indemnity insurance policies for not making sure that clients can afford the repayment of their mortgages.

Thomas Cook Reports 398 million loss, check your Travel Company has Professional Indemnity & Buy holiday Protection Insurance

The well known travel firm Thomas Cook reports £398 million loss suggestions are that the company may close 200 of its underperforming stores.

The company also sold it Spanish hotel chain and Clubs de Vacaciones (ICU) for estimated £61million.

What the future for travel/companies and travellers always check that your supplier is covered for Professional Indemnity Insurance and that it is a member of ABTA or purchase holiday protection insurance, which will at least get you all home

Commercial Insurance Brokers

It looks like another tough time is going to happen in 2012, its likely that rates will harden in the short terms and for commercial brokers all ready struggling to keep 'GWP' up and make profit. Where are the new areas of growth going to come from both Insurance companies and insurance brokers are looking very carefully at where they might attach a market. With companies like AXA, Groupama and Markel all expanding their areas of operations into direct marketing and also new products such as Professional Indemnity Insurance, why this class has become so popular is hard to say with 20-30 plus companies all offering this type of cover. This makes it difficult for the insurance broker to satisfy all its insurance supplies with rates going down and down.

SME's Need to Consider Professional Indemnity

There are many small business that think there is no requirements for Professional Indemnity Insurance cover from both keepers, freelancers, IT consultants, disability consultants, business management consultants all who have a good reason to make sure that they hold Professional Indemnity Insurance. this would make sure that have in the event of a mistake where they could have been neglectful in their duties to their clients.

Several insurers have recently joined the main providers of PII companies such as Groupama and Aviva now offer SME mainly miscellaneous classes.

Markel has also decided to now extend its Professional Indemnity Insurance covers direct to the public via the internet.

Insurance News On Brokers

Very few 'Start up' brokers are now applying to the FSA for direct authorisation and one has to wonder with big brokers grabbing every opportunity to buy up existing smaller brokers where is the Insurance world going to find new distribution channels with motor insurance and home insurances all being grabbed up by the aggregators.

Most medium and small brokers have chosen to concentrate on commercial insurances such as property owners liability financial lives such as professional indemnity insurance to Directors and Officers Insurance, together with commercial combined type products.

The insurance companies are also very much to blame for not offering small 'start ups' the chance to yet establish themselves by setting ridiculous targets.