50% rise in professional indemnity insurance for Independent Financial Advisors

According to Jamie Newell, Managing Director of IFA Solutions, Independent Financial Advisors should expect a 50% or more increase on their professional indemnity insurance premiums.

The underwriters fear that investment conditions may result in more clients trying to claim on their policies under the grounds of mis-selling.

With an increase in external costs, higher inflation and the instability in the Eurozone, Insurers are having to raise the cost of their premiums.

This is also partly to do with the Insurance Market’s capacity for IFA businesses decreasing since Quinn Insurance were put into administration in 2010. Two London underwriters have indicated that they will not be renewing IFA policies this year. Independent Financial advisors need to start looking around for companies that provide a reasonable rate for professional indemnity insurances.

The FSA Hits Argos Aggregator Site Who Sell Home Car Insurance

The FSA has taken a good look at some aggregator sites which has led to comparison websites run by Argos and Google's owned beat that quote agreeing to take their aggregator comparison sites offline.

The website run by Argos and Google owned beat that quote, offer home insurance, car insurance, public liability, loans and life insurance are now undergoing a review before launching.

FSA clearly do not want clients to be misled by the price comparison websites, and one main area of concern was that client may think they were receiving actual quotes rather than just illustrations of what maybe available and with no chance to discuss the facts meaning claims maybe rejected. Cleary claims against compliance firms of their professional indemnity insurances and possible business interruption insurance could be a factor if they advised either beat that quote or Argos regarding the FSA requirement.

Surgeons call for tighter regulations on cosmetic surgery

Plastic surgeons are demanding that practitioner’s of cosmetic surgery receive yearly checks and tighter controls especially in their use of implants. An estimated 40,000 woman in the UK have received PIP breast implants that are not up to the standard that they should be. Thousands of cosmetic surgical procedures have been performed each year in Britain, many of which are performed by doctors who have no specialist training.

NHS medical director Professor Sir Bruce Keogh suggested that an Insurance Scheme for cosmetic surgery patients could be introduced after the PIP breast implants scandal. Patients who paid for their procedures privately will have to fork out again for the PIP implants to be removed and replaced. An Insurance scheme for future patients who undergo cosmetic surgery would provide protection for patients

What's Happening in the European Commercial Insurance Markets

It seems that despite all the Euro Debt Liability there is still a big interest in the UK Commercial Insurance Market with French companies heading up the investments being placed into the SME insurance covers. Although there is a tail of 2 cities Groupama being put up for sale MMA provident marrying and taking on the name of Covea with a promise of 20 million pounds plus advertising in the UK its new online Quote & Buy insurance product range, we are likely to be perhaps commercial insurances such as public liability, professional indemnity insurance will be among the offerings. It has to be said that at present there does seem to be a French invasion into the UK insurance markets.

USA Anti-Piracy Laws in US Cause Problems with Wikipedia and the Law May Lead to Thousands or Millions of Claims Against Insurances

Greedy companies and politicians want to stop the publication of free information, by so called anti piracy laws (SOPA) and (PIPA) stop online piracy act, and protect intellectual property act which may start legal proceedings against millions of people who currently obtain free information and claims against insurance companies. Who may protect companies may start if the laws are passed on such policies as intellectual property insurance or professional indemnity insurance. Wikipedia has taken down its English language site as a protest against these proposed laws in the USA with a statement imagine a world without free knowledge Bloy Boing Boing is also taking part as well as Google who have out a link on their website to information with the line "Tell Congress : Please don't censor the web!".

The State of Insurance Software Providers Offering Commercial Insurance Products

As company results start to fall into place at the beginning of the year we have seen some major insurance software company results with losses from SSP's latest result topping £22 million and poweplace the towergate owned company cutting back its sale force by one quarter and with most of the major software producers showing poor results.

They have usually offered brokers Online Quote and Buy systems mainly B2B for products such as Professional Indemnity Insurance, Directors and Officers Insurance, Commercial Combined, Property Owners and Shops and Office Insurance what needs to happen is a change of focus from GWP grabbing to make a profit and the darling of the insurance industry are no different to any other company with one exception in that they have lots of other peoples money to spend. Lets be frank most average CEO's could have achieved the same given the funding received by these companies.