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Blog: Is a change really as good as a rest?
14 May 2021 Print this page
MGB s Nick Bender discusses what the recent implementation of PI rules for fire safety cover introduced by RICS mean for the insurance industry and why fire safety insurance cover is the biggest issue facing the construction PI market.
One would have imagined that recent changes to the minimum terms laid down by the Royal Institution of Chartered Surveyors would have led to an easing of the UK professional indemnity insurance market, but regrettably this could not have been further from the truth. On 1 May RICS implemented the PI rules but why this change will make it easier to buy PI is anyone’s guess.
House prices jumped sharply again in April as a slowdown in the number of homes coming up for sale continued to hit the market.
Estate agents are lapping up strong sales and a spike in buyer interest, but new listings remain woefully low, the Royal Institute of Chartered Surveyors said.
Chris Stonock, an estate agent and surveyor at Your Move in County Durham and Tyne and Wear, said he had seen another record breaking month for sales in April, adding that demand continues to outstrip supply and stock levels are tumbling.
On Tuesday, the Queen s Speech touched referenced Government plans to ease planning rules to help alleviate Britain s housing crisis by building more homes.
FTSE 100 Slides As Inflation Fears Rise
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks fell sharply on Thursday amid a global sell-off on concerns that rising inflationary expectations could impact the economic recovery from COVID-19.
The benchmark FTSE 100 dropped 145 points, or over 2 percent, to 6,860 after climbing 0.8 percent on Wednesday.
BP Plc fell 3.4 percent and Royal Dutch Shell lost 3.8 percent as oil snapped a four-day gain on news the largest U.S. gasoline pipeline has resumed service.
Weak iron ore prices weighed on the mining sector, with Anglo American, BHP, Antofagasta, Rio Tinto and Glencore falling 3-5 percent.
Insurance company Prudential slumped 5 percent after announcing business and Jackson demerger update in advance of its Annual General Meeting.