The Accessor Spring 2025 Web - Flipbook - Page 8
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FCA STRIPS BACK
INSURANCE
RULEBOOK
The UK insurance market could
bene昀椀t from simpler, more
straightforward rules, under
proposals published by the
Financial Conduct Authority
(FCA). The regulator plans to
strip outdated or duplicated
requirements from its insurance
rulebook, having asked what
improvements it could make.
The changes could support
lower costs and wider access for
the businesses and consumers
who rely on insurance to
manage risk, while maintaining
appropriate levels of protection.
The regulator is proposing
to create a new de昀椀nition
to identify large commercial
insurance customers who should
not be captured by its conduct
rules. This would ease the
burden on 昀椀rms insuring larger
businesses that can manage risks
independently, while protecting
smaller commercial customers.
The regulator is also proposing
further measures that could
bene昀椀t the insurance market
more widely.
CMA
INVESTIGATES
AVIVA’S
ACQUISITION
OF DLG
The Competition and Markets Authority (CMA)
is investigating the anticipated acquisition by
Aviva of Direct Line Insurance Group. The CMA
is considering if the acquisition will result in the
creation of a relevant merger situation under the
merger provisions of the Enterprise Act 2002 and,
if so, whether the creation of that situation may
be expected to result in a substantial lessening of
competition within any market or markets in the
UK for goods or services.
REPAIR
THEO THEODOSIOU COSTS
ITAS APPOINTS
ITAS has appointed Theo
Theodosiou, the former Head
of Technical at Solus – an Aviva
company, as a Non-Executive
Director. Theo will lead ITAS’ special
projects division and collaborate
with vehicle manufacturers to
explore new opportunities.
CEO, Danny Rota, said: “I had
the privilege of working with
Theo during my tenure at M&A
Coachworks, and he came highly
recommended by my mentor
and friend, George Dionisiou. He
demonstrated exceptional value
to M&A, and his reputation and
respect within the industry are
unparalleled.”
CAR THEFTS
IN IRELAND HIT
A 12-YEAR HIGH
As car thefts in Ireland hit a 12-year
high, a loose network of teenage
joyriders is at the heart of a growing
crime wave, according to media
reports. Gardaí say the ‘Lucky Dip’
gang – so called because they
choose to target areas at random is
“a group of up to 60 juveniles”.
Teenage car thieves frequently
target smaller used cars imported
from Japan, which, unlike European
Union-made cars, often do not
have a factory-昀椀tted immobiliser
– meaning they can be started
without a key. Japan’s popularity as
a source of cars is because its cars
are right-hand drive and therefore
suitable for Irish roads. And they
8
have a reputation for being well
maintained and in good condition.
The country has overtaken the UK as
our main source of used cars, with
registered imports rising 1151%
from 2,321 in 2015 to 29,050 last
year, according to 昀椀gures from the
Society of the Irish Motor Industry.
“Since Brexit, because of the
increase in VRT, excise, and VAT,
it’s quite dif昀椀cult to import cars
from the UK. So, a lot of the cars
are coming from Japan,” said IAEA
Member, Noel Maher (pictured),
an Automotive Engineer with
Automotive Technical Expert
Consultant Engineers Assessors
(ATECEA).
PUSH MOTOR
CLAIMS TO HIT
RECORD HIGH
Motor insurers paid out £3.2 billion in car
insurance claims during the 昀椀rst quarter of
the year, the highest quarterly payout since
records began in 2013, according to the
latest data from the ABI.
Repairs were a key component behind
increased claims costs and reached £2.1
billion this quarter. More expensive repair
costs have been driven by a number of
factors including replacement parts, higher
labour costs, in昀氀ation, and a shortage of
skilled technicians.
The complexity of modern cars also
plays a signi昀椀cant role in expensive
repairs. For example, wing mirrors have
evolved far beyond simple re昀氀ective
surfaces, incorporating actuators, motors,
lights, signals, and sensors to enhance
functionality and safety. This trend of
technological advancement can be seen
in every part of a vehicle, from bumpers to
windshields, making modern vehicles more
sophisticated but also signi昀椀cantly more
costly to repair.
The high cost of claims for theft also
played a role in the record claims, as the
average claim for theft of and from a
vehicle stood at £11,300.
JOURNAL
THE ASSESSORS JOURNAL | SPRING 2025 | www.iaea-online.org/news/the-assessor
