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False insurance claims rise by twenty seven percent

Cifas, the UK’s leading fraud prevention service with over 450 members, has released new figures showing a marked increase in the number of individuals committing insurance fraud with false claims. Between 2017 and 2018, there has been a nationwide increase of 27% in fraudulent insurance claims.
Posted on Wednesday Mar 20

You may miss car insurance savings by not using telematics

A survey conducted by YouGov and commissioned by Redtail Telematics, the long-established provider of integrated telematics solutions worldwide for the insurance, automotive and fleet sectors reveals that UK drivers over the age of 45 are missing the opportunity to save between 5 and 10% on their motor insurance premium by switching to a motor insurance policy that employs telematics technology.
Posted on Wednesday Mar 20

DB maturity means consultants must manage the end game

The dawn of a new era for the pensions industry, as defined benefit (DB) schemes reach maturity, is shifting the strategic focus of many schemes to the potential end game of risk reduction, often leading towards buyout. According to our ‘Navigating Change’ report, which researches the views of senior trustees from large UK pension schemes, these structural shifts are transforming the way trustees manage schemes and have led to many seeking a new actuarial consultant.
Posted on Wednesday Mar 20

Eight flaws in cyber insurance policies to refuse pay outs

Mactavish, the UK’s leading expert on insurance governance, has challenged insurers and brokers to guarantee that eight common flaws it has identified in policies will never be used as reasons to refuse pay-outs on cyber insurance claims.
Posted on Tuesday Mar 19

Landmark appeal ruling on fundamental dishonesty finding

Horwich Farrelly in conjunction with Aviva, has successfully won an appeal case that could transform the way courts interpret legislation on fundamental dishonesty and avoid any damages being awarded to claimants who are dishonest. The outcome of the appeal has the potential to save the industry significant amounts and increase the effectiveness of section 57 as a fraud deterrent.
Posted on Monday Mar 18

Young drivers benefit from lower car insurance costs

The overall cost of running a car for young drivers has fallen by over 6% in the past six months, primarily driven by a decrease in the cost of fuel and motor insurance. On average, a 17–24-year-old driver will now pay £2,292 to run their car in the first year, of which more than half (£1,281) is the cost of insurance.
Posted on Monday Mar 18

LV partner with University of Bristol on Data Science

LV= General Insurance (LVGI), one of the UK’s largest personal insurers, and the University of Bristol have today announced a new partnership with the aim of working together to make advancements in the field of data science by sharing knowledge, skills and opportunities.
Posted on Thursday Mar 14

Solvency II should embed sustainability

Insurance Europe has responded to a call for evidence by the European Insurance and Occupational Pensions Authority (EIOPA) on sustainability in Pillar I of Solvency II.
Posted on Thursday Mar 14

Driver distraction on the rise since 2018

According to a new road study by The Floow more than eight in 10 UK motorists (84%) admit that they get distracted behind the wheel, rising from 76% in 2018,
Posted on Wednesday Mar 13

Carphone Warehouse fined GBP29m for insurance mis selling

The Financial Conduct Authority (FCA) has fined The Carphone Warehouse £29,107,600 for failings that led to the mis-selling of “Geek Squad”, a mobile phone insurance and technical support product.
Posted on Wednesday Mar 13

Two in ten drivers still use their mobiles whilst driving

A new survey by Swinton Insurance has revealed that only 16% of drivers are using a mobile phone in their hands whilst driving a vehicle. More than half of respondents feel that they use their phones less in the car than they did two years ago.
Posted on Monday Mar 11

Billions of pounds for greener investments to be unlocked

The insurance industry is putting forward ideas to make it easier for the financial sector to invest in greener assets, unlocking billions of pounds worth of funds which could help mitigate the global impact of climate change.
Posted on Monday Mar 11

New National Lottery game will be a winner among Millennials

Tickets go on sale this week for the National Lottery’s new game - Set for Life – which offers a top prize of regular monthly income rather than a one-off cash lump sum. With £10,000 a month for 30 years on offer, the new game is designed to appeal to a different type of player and Just Group research reveals Camelot could be about to hit the jackpot!
Posted on Monday Mar 11

EC proposals are a missed opportunity to improve Solvency II

In response to the adoption of the European Commission’s final delegated acts amending the Solvency II delegated regulation, Olav Jones, deputy director general of Insurance Europe, commented:
Posted on Friday Mar 8

Aon now deny pursuit of Willis Towers Watson

Aon have issued the following statement with regards mounting speculation over their pursuit of a business combination with Willis Towers Watson
Posted on Wednesday Mar 6

Aon make announcement on Willis Towers Watson speculation

Aon notes the recent media speculation regarding Willis Towers Watson.


Posted on Wednesday Mar 6

Barking mad or puppy love

The cost of being a dog owner soon adds up but not everyone is prepared for it, research from Admiral Pet Insurance has revealed.Research from the insurer has revealed that a quarter (24%) of dog owners say they weren’t prepared for the cost of owning a dog and that it was more expensive than they expected.
Posted on Tuesday Mar 5

FCA releases updated guidance on EU departure preparations

The Financial Conduct Authority (FCA) has published updated information to help support regulated firms in finalising their preparations for as smooth a transition as possible when the UK leaves the EU.
Posted on Thursday Feb 28

Political Risk Map shows unprecedented uncertainty ahead

Rising geopolitical tensions and protectionist sentiments, coupled with ongoing trade disputes, are leading to increased uncertainty and risk for multinationals with direct foreign investments, according to a new report from Marsh, a global leader in insurance broking and innovative risk management solutions.
Posted on Wednesday Feb 27

Warning that the self employed are under protected

New research from MetLife UK shows that the rise of self-employment is helping drive sales of individual protection products but advisers are increasingly concerned that self-employed clients are under-protected,
Posted on Wednesday Feb 27

Mutual Insurance Market growing faster than total market

The mutual and cooperative insurance market has been the fastest-growing part of the global insurance industry in the 10-year period since the global financial crisis, according to the Global Mutual Market Share 10 report launched today by the International Cooperative and Mutual Insurance Federation (ICMIF). This is a special 10 year anniversary edition of the report.
Posted on Tuesday Feb 26

Defaqto launches ratings for Bicycle insurance

Defaqto has launched new ratings for Bicycle insurance. However, after analysing the whole market, Defaqto was disappointed to find that the level of cover available was low in this market, with the most common product rating for Bicycle insurance policies being a 3 Star. Defaqto’s Star Ratings help consumers choose the right level of cover for their needs and this is the first time that Bicycle insurance products have been rated by Defaqto.
Posted on Tuesday Feb 26

Commercial insurance pricing up for fifth successive quarter

Marsh today released its Global Insurance Market Index for the fourth quarter of 2018. Highlights include:
Posted on Monday Feb 25

Over four million drivers caught in insurance loyalty trap

Ahead of one of the busiest months for car insurance renewals, new research* by GoCompare Car Insurance reveals millions of motorists are over-paying to the tune of £1.23bn a year for their car cover by allowing their insurer to automatically renew their policy.
Posted on Monday Feb 25

Do not blame drivers for fully automated accidents

Drivers of fully automated vehicles should not be held liable for accidents involving their cars while the technology is in charge, the insurance industry is warning. The Association of British Insurers (ABI) has submitted its views to the Law Commission which is helping to work out how the UK will incorporate the rules currently being decided internationally on standards for autonomous vehicles.
Posted on Thursday Feb 21

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