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Latest big spill is PR car crash and may result in tougher legislation
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Insurance fraud is contrary to all known ethical codes, religious or secular. It is also a serious criminal offence, which leaves perpetrators open to prosecution
Owners will have to put their hands deeper in their pockets for P&I cover next year, although clubs vary as to how they plan to raise the increased revenue
The development appears to come in response to occasional suggestions that the IG acts as a de facto cartel, even though that claim has not been upheld by a number of investigations by regulatory authorities in the past
‘After benign premium movements over a number of years, current premium rates are not sustainable and do not adequately support either attritional or large claims exposures,’ Norwegian club warns
‘We assess our premium based on results in our portfolio over time. We won’t look to what other clubs are doing, that’s their business. We have to do what’s right for our members. So, no general increase,’ says chief executive Rolf Thore Roppestad
MPA is investigating the incident and no further details have been disclosed
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