Keep up with what has been happening this week in our latest insurance news round-up…

Insurers respond to IFRS17 advice

The CFO Forum and Insurance Europe have published a response to the European Financial Reporting Advisory Group’s consultation highlighting their draft endorsement advice on International Financial Reporting Standard (IFRS) 17 insurance contracts. In their report they have said they support high quality reporting standards.

Partners& has appointed a new head of business protection

Insurance broker, Partners& has appointed James Porter as head of business protection to take the responsibility of embedding risks into the firm’s business insurance offering.

HMRC to clarify GMP equalisation guidance urges Mercer

Mercer has said that the government must work with the wider industry and HM Revenue and Customs (HMRC) to clarify any uncertainties regarding GMP equalisation. Adrian Hartshorn, Chairman of the Mercer GMP equalisation steering committee said: “Despite it being two years since the High Court decision in October 2018 which confirmed that GMPs must be equalised, there are still areas of uncertainty, particularly but not exclusively in terms of GMP conversion. There is a real opportunity here for trustees to simplify benefits, help members to understand their benefits better, speed up processing times and manage admin costs. However, until trustees know their equalisation approach is achievable it can be difficult to take more than a few steps in that journey.”

Aviva issues warning over ‘shoffice’ coverage

Insurer, Aviva has warned that insurance coverage may not cover items located outside the main property so those who have converted their sheds into offices may not be eligible for insurance coverage whilst working from home.

River & Mercantile hires Aviva head to create infrastructure business

River & Mercantile have hired Aviva Investors’ head of infrastructure equity Ian Berry, to help establish its own infrastructure investment business. He will be joined with a few of his former colleagues to help launch River & Mercantile’s new business.

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