Costs caused by getting in trouble while on holiday abroad can be life-changing. In a recent case reported by Telegraph Money, a young couple who unexpectedly gave birth outside the European Union racked up bills of £120,000 in medical expenses and other costs. The pair would have had to foot the bill themselves if they hadn’t.
Driverless cars are expected not only to disrupt the way we drive cars, but also the way in which car insurance is sold. “There is a lot of debate about how [driverless technology] will impact the insurance industry,” said Nick Walker, managing director of RAC Connected Solutions, when Business Reporter spoke to him at Microsoft Future Decoded..
Liberty Specialty Markets, one of the five largest members of Lloyd’s of London, has picked Luxembourg for its EU base according to reports. Sources told Insurance Insider it had selected Luxembourg, mirroring the selection made by fellow Lloyd’s stalwart Hiscox. However, Liberty Specialty, which is owned by US giant Liberty Mutual, said it is still examining its options..
The manifesto, which launched today, states: “We will consider a ban on companies cold calling people encouraging them to make false personal injury claims.” The manifesto also contains a pledge to crackdown on bogus whiplash claims in order to reduce motor insurance costs, following the shelving of the Prison and Courts bill last month. A.
The European commission is currently debating whether to transfer powers from EIOPA to the European Securities and Markets Authority or to merge EIOPA with the European Banking Authority. Responding to ideas put forward in a European Commission consultation, Insurance Europe said that such moves would not lead to better EU-level supervision or increased convergence but.