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We would dump jewellery and technology to save family photos

New trends data from Admiral Home Insurance shows that despite the ever increasing popularity of gadgets and technology the nation’s most treasured possession in 2018 has been revealed as the family photo album.
Posted on Tuesday Apr 24

Research reveals that stress is the main reason for absence

According to research from Group Risk Development (GRiD) stress, and stress-inducing situations, are the main causes of short-term absence (i.e. up to 26 weeks)
Posted on Monday Apr 23

Coalition calls for equal access to in vehicle data

A broad coalition comprising vehicle dealers, automotive aftermarket and mobility services operators, the European insurance industry, the European representations of both motorist consumers and SMEs, is urging EU decision-makers to act decisively to establish fair and equal access to in-vehicle data and resources, amidst concerns that effective competition, innovation and free consumer choice are currently not being placed at the heart of its agenda.
Posted on Monday Apr 23

Reinsurer capacity remains stable despite catastrophe losses

Shareholders’ equity in 34 reinsurance companies tracked in the Willis Reinsurance Index was up 7.8% to USD 371 billion at year-end 2017. The increase occurred despite catastrophe losses, which led to a weighted combined ratio for the tracked reinsurers of 104.8%, up 10.4 percentage points from the previous year. Alternative capital also increased to USD 88 billion (year-end 2016: USD 75 billion), despite the draw-down of some catastrophe bonds and collateralized reinsurance and retrocession layers in the wake of the 2017 Atlantic hurricanes.
Posted on Monday Apr 23

Car insurance statistics should be under the ONS not the ABI

Motor insurance statistics collected by insurers should be moved out of the insurers’ lobbying arm, the Association of British Insurers (ABI), and instead become the responsibility of the Office of National Statistics (ONS), say campaigners.
Posted on Monday Apr 23

PRA publishes updates on Solvency II reporting

The PRA publishes CP10/18 and CP11/18
Posted on Friday Apr 20

Twenty million drivers believe it is acceptable to speed

New research from Direct Line Car Insurance reveals that half of all drivers, some 20 million people, believe it is acceptable to break the speed limit, . The average speed at which motorists feel it is ‘acceptable’ to drive above the set limit is 26mph in a 20mph zone (29 per cent above the limit) and 56mph in a 50mph zone (12 per cent above the limit).
Posted on Friday Apr 20

AA Index show car and home insurance premiums tumbling

According to the latest AA British Insurance Premium Index the average Shoparound price for an annual comprehensive car insurance policy is slightly less than it was a year ago, while the average combined home buildings and contents policy quote has also fallen over the first quarter of 2018.
Posted on Friday Apr 20

FCA report forty percent increase in complaints about PPI

Complaints about payment protection insurance (PPI) drove a 13% increase in the number of complaints made to financial services firms in the second half of 2017, according to figures published today by the FCA.
Posted on Thursday Apr 19

Only two fifths of workers are happy with workplace benefits

Only 40% of UK workers appreciate the benefits they receive from their employer, new research has revealed. Despite just two fifths of the employees saying their benefits meet their needs, almost two thirds (61%) of employers believe employees are happy with their benefits package, according to Willis Towers Watson’s Benefit Preferences report, part of its Global Benefits Attitudes Study.
Posted on Thursday Apr 19

Cloud based office solutions under increasing cyber attack

Specialist insurer Beazley has reported that cloud-based office solutions are coming under increasing attack from cyber-criminals. The majority of incidents involving compromised business email accounts reported to the Beazley Breach Response (BBR) Services team during the first quarter 2018 were for organizations using cloud-based programs, a sharp increase over the previous quarter. The three sectors most affected were financial services, healthcare and professional services.
Posted on Monday Apr 16

Capacity builds ahead of mid year reinsurance renewals

April 1 treaty reinsurance renewals are dominated by Japan, India, and Korea. Traditional reinsurers continue to show strong appetite for this business and buyers in these markets found ample capacity to meet their risk transfer needs and to support geographic and product growth aspirations.
Posted on Monday Apr 16

Car insurance sees biggest quarterly decrease in four years

Comprehensive car insurance premiums have continued to fall during the first quarter of 2018, with UK motorists now paying on average £768, which is £13 (2%) less than they were paying this time last year, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson. This also represents the first annual drop in prices since 2015.
Posted on Monday Apr 16

Advisers support FAMR measures but remain sceptical

A survey of advisers by Aegon, has found that whilst in general advisers support the measures arising from the FAMR, there is far less agreement that these are helping to close the advice gap.
Posted on Friday Apr 13

Perfect storm of risk suppresses business confidence

The latest edition of CNA Hardy’s Risk and Confidence Survey, conducted in Spring 2018, highlights increased optimism among executives leading UK businesses with operations in Europe. 42% of executives now state they are confident in the ability of their firms to grow and prosper, a rise from 28% in our last survey (Autumn ‘17), but still well below the 70% confidence level seen in Spring ‘17. Ongoing economic and political stability are supporting this uplift, which is borne out in terms of increasing investment in technology and research and development (R&D) to grow the top line.
Posted on Friday Apr 13

Insuring a brighter future with Artificial Intelligence

How ready is your insurance organisation for the advent of AI? In the summer of 2017 I took part in a pan EMEA review of the readiness of insurance companies for implementing AI, the full report can be found here: Pragmatic AI for Insurance. Some of the findings were surprising, highlighting pockets where AI adoption is already moving at pace, contrasted with a lot of hype and noise with limited execution.
Posted on Thursday Apr 12

FCA to investigate the cost of home insurance at renewal

Responding to the announcement that the FCA is to carry out a detailed investigation into the cost of home insurance when it comes up for annual renewal, Tony Tarquini, Director of Insurance EMEA, Pegasystems, explains that insurers are stuck in a vicious cycle, with new customers-only pricing being the sole way for insurers to secure customers via comparison websites who drive demand for lowest possible price. This means insurers lose money in the first year of the deal and try to recover the loss in later years, so loyal customers pay more. So, what is the solution?
Posted on Tuesday Apr 10

PwC comment on the FCA Business Plan

Sarah Isted, FSRR conduct and compliance lead, and partner at PwC, commented:
Posted on Monday Apr 9

FCA publishes its Business Plan for 2018/19

The Financial Conduct Authority (FCA) has today published its Business Plan for 2018/19 which sets out the key priorities for the coming year.
Posted on Monday Apr 9

Aon reveal US faces USD3bn hit from active weather in March

Impact Forecasting launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during March 2018.
Posted on Friday Apr 6

Animatronic Arnie is back to raise awareness of PPI deadline

The animatronic head of Arnold Schwarzenegger is back today to remind people to check whether they had payment protection insurance (PPI) and make a decision about whether to make a complaint before the deadline on 29 August 2019.
Posted on Wednesday Apr 4

FCA says insurance firms failing to meet GI renewal rules

The Financial Conduct Authority (FCA) has warned it will take action against general insurance firms who are failing to properly implement rules introduced to increase transparency and encourage shopping around at renewal time.
Posted on Tuesday Apr 3

Event Recap on Hurricanes Harvey, Irma and Maria

Below are three individual links to download Impact Forecasting's Event Recap Reports highlighting Hurricane Harvey, Hurricane Irma, and Hurricane Maria. These three storms from the 2017 Atlantic Hurricane Season combined to cause an estimated USD220 billion in economic damage, of which USD80 billion was covered by public and private insurance entities.
Posted on Thursday Mar 29

Insurers are cautious despite volatility and Brexit concerns

Sentiment amongst the insurance industry has remained flat over the past quarter, driven by volatile trends in business and uncertainty around Brexit and the broader economic landscape, according to the latest CBI/PwC financial services survey.
Posted on Tuesday Mar 27

Phoenix invests GBP27m in renewable energy project

Phoenix Group today announced that it has completed a multi-million pound renewable energy investment deal. The UK’s largest consolidator of closed life and pension funds, has invested £27 million in the Walney Extension Project to assist with the construction and operation of the enlarged offshore wind farm, situated 45 miles north of Liverpool.
Posted on Monday Mar 26

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