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Covéa launch epic trek for Insurance Against Dementia

Covéa Insurance is pleased to announce the launch of a three-day trek that aims to raise at least £75,000 for the Alzheimer’s Society as part of the Insurance United Against Dementia (IUAD) initiative.

Posted on Monday Jan 22

Reinsurance procrastination concerning GDPR

The General Data Protection Regulation (GDPR) comes into enforcement from May 25th, 2018. The potential fines that can be levied by GDPR are large numbers. At their extreme they can be as great as €20m or (and this makes it important to companies of all sizes), 4% of global revenue, whichever is the greater. The (re)insurance market may, however, be failing to address the challenges brought about by GDPR. According to Fifth Step CEO Darren Wray there are a number of causes of those failures.
Posted on Friday Jan 19

Comment on Cyber impact following WEF Global Risks Report

Sarah Stephens, Partner and Head of Cyber at JLT Specialty, a global insurance broker commented on on The Global Risks Report 2018
Posted on Friday Jan 19

Companies should invest in resilience urges FERMA

European risk managers share the priorities expressed in the World Economic Forum Global Risk Report 2018 published on 17 January about the threat to the environment from extreme environmental events, the potential failure of climate change adaptation, and cyber risks.
Posted on Friday Jan 19

Global insurance run off market exceeds USD 700bn

The value of the global non-life discontinued business market exceeds US$700 billion, according to new research from PwC. PwC’s Global Insurance Run-off survey estimates the size of North American non-life run-off liabilities to be valued at US$350billion - almost equalling the rest of the world’s at US$380billion (UK and Continental Europe remains roughly consistent with last year at US$275billion and Asia, South America and others total US$105billion).
Posted on Thursday Jan 18

The world enters critical period of intensified risk in 2018

The prospect of strong economic growth in 2018 presents leaders with a golden opportunity to address signs of severe weakness in many of the complex systems that underpin our world, such as societies, economies, international relations and the environment.
Posted on Thursday Jan 18

Mercer and Oliver Wyman selected for UN climate risk project

Oliver Wyman and Mercer have been selected to serve as expert advisors on a project examining climate-related risks and opportunities for financial institutions.
Posted on Thursday Jan 18

LIIBA outline their key priorities for 2018

The London and International Insurance Brokers’ Association (LIIBA) today announced the publication of its priorities for 2018. The trade body, founded in 1910, represents Lloyd’s insurance and reinsurance brokers, accounting for over 95% of the London Market’s business.
Posted on Thursday Jan 18

Skiers should ensure they are covered for piste of mind

The Association of British Insurers (ABI) has revealed the true cost of winter sports-related claims, varying from £1,000 to as much as £90,000. More than 6 million Brits choose the slopes for their winter trips so it’s vital that you make sure you have the right cover included in your travel insurance. With adverse weather and extreme snowfall in the Alps, it’s never been more important to make sure that you and your family are fully protected against the worst case scenario.
Posted on Monday Jan 15

Employers admit not utilising all Group Risk products

Only 32 per cent of employers say they make regular use of all the extra support within group risk products, according to new research* undertaken by Group Risk Development (GRiD), among 500 HR decision makers across small, medium and large organisations. Others admitted to only using some of the support available, or using it fairly irregularly. Over one in ten organisations either did not use any of the additional support available via group risk products, or were completely unaware that any support existed at all.
Posted on Friday Jan 12

PRA consultation paper on changes in insurance reporting

In this consultation paper (CP), the Prudential Regulation Authority (PRA) proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals whilst maintaining the PRA’s ability to meet its statutory objectives and to supervise firms.
Posted on Friday Jan 12

Fraudulent motor claim dealt hammer blow by telematics data

Telematics data and forensic evidence captured by insurethebox has successfully thwarted a vehicle damage claim for £87,921 -including £79,114 in credit hire costs- and recovered over £70,000 in legal costs.
Posted on Thursday Jan 11

Insurers losing out by failing to ensure ease of contact

Insurance companies are failing to offer premium levels of contactability to their customers and prospects, according to the findings of latest research. This oversight is particularly astonishing in today’s connected world, where reputations are made and lost on internet reviews and competition across channels is increasingly fierce.
Posted on Thursday Jan 11

2.2 bn insurance related nuisance calls and texts in 2017

Consumers were bombarded with 2.2 billion nuisance calls and texts relating to an injury-related claim, pension, PPI or other insurance related matters in 2017, research using Ofcom data and commissioned by Aviva shows. This translates to more than 6 million nuisance calls and texts made every day, or 4,200 calls and texts made every minute.
Posted on Wednesday Jan 10

Over 50s SKI but their children are fine with it

According to the latest research form over 50s experts SunLife, 56% of people aged 50+ say they live for today and 61% say they are enjoying life more since they turned 50. One in five (21%) have taken up a new hobby in their 50s, one in eight have learned a new skill, while 43% have visited a new country.
Posted on Wednesday Jan 10

Actuaries can contribute to Sustainable Development Goals

The Institute and Faculty of Actuaries (IFoA) has launched an initiative to explore how the actuarial profession can contribute to the achievement of Sustainable Development Goals (SDGs). This is a crucial opportunity to better understand how the work of actuaries is relevant to the SDGs and what actuaries can do to help meet those goals.
Posted on Wednesday Jan 10

Reinsurance Market Outlook report from Aon Benfield

Aon Benfield has just released its latest Reinsurance Market Outlook report, which analyses the trends observed at the January 1, 2018, reinsurance renewals.
Posted on Tuesday Jan 9

Employees prefer alternative product names for Group Risk

New research from Canada Life Group Insurance shows that when presented with alternatives, many employees favour new product names for popular group risk products, with some finding current names difficult to understand. A fifth (22%) of respondents do not feel the name ‘Critical Illness Cover’ is easy to understand and accurately reflects what the product does, rising to 24% who said the same of ‘Group Life Assurance’ and 26% who agreed for ‘Group Income Protection.’
Posted on Tuesday Jan 9

Insurers likely to pay GBP 20m after Liverpool car park fire

The Liverpool car park fire is likely to result in claims worth £20 million being paid out to motor insurance customers, the Association of British Insurers (ABI) estimated.
Posted on Thursday Jan 4

Only a quarter of SMEs insure their most valuable assets

New research from Royal London reveals that only a quarter (26%) of small and medium enterprises (SMEs) have insurance covering key people in their business.
Posted on Tuesday Jan 2

2017 was one of the worst loss years in reinsurance records

According to the latest 1st View renewals report from Willis Re, recent catastrophe loss estimates in the region of US$136 billion makes 2017 one of the worst loss years on record for the global (re)insurance market.
Posted on Tuesday Jan 2

Ten cyber security trends for 2018

David Ferbrache, chief technology officer in KPMG’s cyber security practice, highlights ten cyber security trends we can look out for in 2018
Posted on Friday Dec 29

Planes trains and fraudulent claims

In a new YouGov survey commissioned by Aquarium Software, shock findings show that while 91 percent of Brits claim never to have told a fib during a travel insurance claim, seven percent couldn’t recall and two percent prefer not to say. When asked about colleagues, friends and family fibbing on a travel insurance claim, three percent said yes they had, two percent preferred not to say and a perhaps revealing 43 percent couldn’t recall!
Posted on Friday Dec 29

New Year drinking may mean travel insurance is null and void

Latest news reports have shown that travel insurers may refuse customers’ claims due to excessive alcohol consumption, something that has led insurance technology expert Aquarium Software to urge for greater transparency in policy terms and conditions.
Posted on Wednesday Dec 27

Proposal to push back date of IDD to October 2018

The European Commission has announced a proposal to push back the application date of the Insurance Distribution Directive (IDD) by seven months to 1 October 2018, following requests from the European Parliament and Member States for a postponement.
Posted on Wednesday Dec 27

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