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UK insurance and reinsurance weekly update: key judgments, FCA/PRA and Solvency II developments, Lloyd’s results and climate scrutiny, trackers and consultation deadlines—18 April 2024

Published on: 18 April 2024

Published by a LexisNexis Insurance & Reinsurance expert
Legal News
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Article summary

Insurance & Reinsurance weekly highlights—18 April 2024

In this issue:

  • Types of insurance
  • Reinsurance
  • Market practice
  • Regulation
  • New and updated content
  • Case trackers
  • Key dates
  • Daily and weekly news alerts
  • LexTalk®Insurance: a Lexis®Nexis community

Types of insurance

Environmental liability

ABI reported that weather damage payouts climbed from £421m settled by insurers in 2022, a 36% increase year on year. Ferocious storms across the UK in 2023 then pushed weather-related claims up by over a third, reaching an all-time high of just under £573m overall. See News Analysis: Home insurers paid record £573m in weather-linked claims.

Liability insurance

On 15 April 2024, APIL said around one-third of people receiving awards under the current personal injury discount rate may have been under-compensated in its assessment. The government should fundamentally revisit how compensation for serious personal injury is assessed, or risk persistently short-changing claimants in practice, APIL warned. See News Analysis: Lawyers call for rethink of personal injury discount rate.

Professional indemnity

Insurers on 10 April 2024 welcomed revised rules for accountants governing professional indemnity cover, arguing the updates will help keep firms’ costs down across the board. See News Analysis: Insurers say regulatory changes make accountant cover affordable...

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