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    How PSD2 will benefit insurers

    02/02/2018

    The introduction of the Payment Services Directive (PSD2) on 13 January requires banks and financial institutions to make their payments infrastructure and customer data available to third parties – a change that could benefit insureres who are able to access and make use of the data.

    PSD2 means that insurers will, with consent, be able to access customers’ bank accounts. They can gain insights into buying behaviour and trends that have insurance implications, helping them design products that complement individual needs and circumstances.

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    What effect will the Ogden rate changes have on insurers

    07/09/2017

    Insurers are breathing a sigh of relief today after the Ministry of Justice announced a softening of its drastic cut to the Ogden Rate. The original change, from 2.5 per cent to -0.75 per cent, caused dismay in the insurance industry when it was announced earlier this year. However today the MoJ said the rate will instead be set between 0 and 1 per cent.

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    Does legislation for penalty points need to be reformed?

    30/05/2017

    Up to 10,000 motorists are legally driving on British roads despite having excessive points on their driving licence, a BBC report has revealed.

    There is a standard limit of 12 points on a driving licence before a motorist is banned from driving, however magistrates have the power to waive a ban. Sheena Jowett, deputy chairman of the Magistrates' Association, told the BBC: ‘Automatic disqualification can be avoided or reduced in cases of exceptional hardship. The process is a robust one and the concept of hardship must be proved to an exceptional level.’

    Most of the 10,000 motorists had a maximum of 18 points on their licence, however there were 203 with more than 18 points. The most startling case was that of a man from West Yorkshire who was allowed to drive with 62 points on his licence, most of which were accumulated from speeding on a motorway.

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    Government abandons Prisons and Courts Bill and whiplash reforms

    18/05/2017

    Only a couple of months ago the Prisons and Courts Bill was published ready for debate in Parliament.  However the snap general election meant the bill was dropped as there was no chance to debate it before Parliament was dissolved.

    The proposed whiplash reforms included in the bill were designed to limit fraudulent whiplash claims, and included an increase in the small claims limit to £5,000 for whiplash claims only.

    The whiplash measures were expected to cut motor insurance premiums by about £40 per year. With a year that started with record high insurance premiums, due in part to the rise in Insurance Premium Tax and the Ogden rate reforms, this potential saving was a rare piece of good news for motorists.

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