Insurance Post’s view on March

Hello from Insurance Post,

As we recover from the clocks going forward an hour at the weekend and enter British Summer Time, the Financial Conduct Authority provided a further reminder to Post readers this month that it will be sunshine and new regulatory requirements before you know it.

Post reported on how the watchdog reached out to insurance firm bosses to raise concerns the businesses won’t comply with the end of July deadline for adhering to the Consumer Duty.

The duty introduces a new consumer principle which requires firms “to act to deliver good outcomes for retail customers” when it comes to products, services, price, value, consumer understanding and support.

Michael Sicsic, who spent four years at the FCA as head of supervision for the general insurance retail sector, told Post he has been contacted by several firms who had undergone “robust questioning” about whether they would be capable of meeting the duty’s requirements.

Make sure you keep an eye on Post in the coming months for help to prepare for the Consumer Duty coming into force – and listen to our podcast on whether the industry is ready for the new requirements.

Pandemic reflections

This month marked three years since the nation was told “to stay at home, protect the NHS and save lives”.

At the start of March Pizza Express clashed in court with Liberty and XL over whether the restaurant chain is able to claim ￡250,000, or as much as ￡178m, for its Covid-19 business interruption losses.

For those who get a sinking feeling every time they read about another court clash, a sunnier outlook was provided by Post’s deep dive into the state of cruise insurance today.

How the pandemic transformed the type and price of cruise cover available, and what the insurance industry is doing to ensure thousands can afford to set sail with confidence again this year, is inspirational stuff that can’t help but leave you looking forward to the summer holidays.

Insurtech funding

Another major talking point this month was provided by our deep dives into the state of insurtech funding. The collapse and rescue of the UK branch of Silicon Valley Bank as well as Credit Suisse prompted funding fears.

As News editor Scott McGee observed the most popular talk at March’s Insurtech Insights conference in London was the one on how to raise capital. Will insurtech chiefs still achieve their fundraising targets in the coming months? Make sure you follow Insurance Post on LinkedIn to find out.

What to listen to

As families bereaved during the Covid-19 pandemic came together for a national day of reflection, one of the latest episodes of the Insurance Post Podcast saw insurers reflect on the lessons the industry learnt from the pandemic.

Have a great month ahead,

Emma Ann Hughes

Editor of Insurance Post

Most read by Insurance Post subscribers this month:

1. Aviva CEO Amanda Blanc on Desert Island Discs: Five things we learnt
2. FCA contacts insurers over Consumer Duty concerns
3. One Call director killed in car crash
4. Pizza Express and insurers clash over alleged number of claims on Aon wording
5. Amazon to scale up Insurance Store activity after slow sales

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