Arrangements to get Flood Re, the new flood insurance scheme up and running during 2015 are gathering pace with the announcement of Capita as the managing agent for the day to day administration of the scheme.
This follows the Governments agreement to the inclusion of properties in council tax band H, although there is still concern that small businesses and some blocks of flats will not be protected by the scheme.
BP’s troubles continue with the Texas Supreme Court ruling they cannot claim off a Transocean $750m policy for subsurface pollution. Transocean owned the drilling rig that caused the 2010 Deepwater oil spill in the Gulf of Mexico. BP hired the rig from Transocean, but insurers (including Lloyds of London) successfully argued BP accepted liability in the contractual agreement between the parties.
And more woes for banks as a Russian security company reveal hackers stole nearly $1billion during 2014. The hackers have targeted banks throughout the US, China and Europe, although Russian banks are the biggest victims.