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The sun and the sea and the threat of a holiday nightmare

New research from Aviva shows that british holidaymakers will fork out an average of £1,500 on holidays this year but nearly half (49%) risk losing it all by failing to protect their travel plans when they book,
Posted on Friday Jul 20

One in three global insurers budget over EUR50m for IFRS 17

According to Deloitte research more than one in three (35%) global insurers are budgeting over €50m (£44.2m) as they move towards IFRS 17 implementation. IFRS 17 goes live as the new global accounting regulation on 1st January 2021.
Posted on Friday Jul 20

Car insurance sees biggest annual price fall since 2014

Comprehensive car insurance premiums have continued to fall during the second quarter of 2018, with UK motorists now paying £752 on average, which is £95 (11%) 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.
Posted on Friday Jul 20

Dashcam usage to increase as national safety portal launched

According to an AA-Populus study more than two thirds of cars in the UK are likely to be equipped with dashcams over coming months with a fifth (20%) of drivers already owning one while another half (51%) thinking about doing so, 16% seriously,
Posted on Wednesday Jul 18

Aegon comment on ONS figures

Commenting on today’s UK labour market report, Kate Smith, Head of Pensions at Aegon said:
Posted on Tuesday Jul 17

How satellite constellations impact space risk

Over the next 10 years, the number of active satellites in orbit is set to multiply. New satellite constellations that deliver global services like Earth observation, internet connectivity and voice communications are spurring this development. Lower orbits in particular are becoming increasingly populated and littered with debris, putting satellite operations at risk of collision. In fact, orbital debris makes up over 90% of the tracked objects orbiting the Earth today. Drawing on expertise from the technical, legal and insurance disciplines, a new study from Swiss Re Corporate Solutions explores the implications for collision risk in low Earth orbits (LEO).
Posted on Tuesday Jul 17

InsurTech is breaking boundaries and moving beyond insurance

New research from Startupbootcamp InsurTech (SBC) and PwC explores how InsurTech has rapidly evolved over the past three years since Startupbootcamp InsurTech was established. The report shows that the narrative surrounding InsurTech has shifted and both parties are now working together to take the insurance industry into the next decade.
Posted on Tuesday Jul 17

PwC and ABI comment on Governments post Brexit White Paper

PwC and ABI comment on the Government's White Paper on The future relationship between the UK and the EU.
Posted on Friday Jul 13

Performance of industry loss estimates under the microscope

JLT Re has launched a new Viewpoint Report – Catastrophe models: In the eye of the storm. The paper examines the precision of modelled market loss estimates for significant hurricanes since 2004 and provides a unique perspective in assessing the modelling companies’ real-time loss estimation process.
Posted on Thursday Jul 12

JLT Re partners with cyber risk modelling firm CyberCube

JLT Re is pleased to announce its partnership with CyberCube. CyberCube is a best in class, industry recognised cyber risk modelling platform. This partnership demonstrates JLT Re’s commitment to helping clients manage the evolving nature of cyber risk.
Posted on Wednesday Jul 11

June hail and windstorms cause multi billion global loss

Impact Forecasting, the catastrophe model development team of Aon's Reinsurance Solutions business, launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during June 2018.
Posted on Wednesday Jul 11

Technology can modify travel insurance cancer clauses

With millions of cancer patients locked out of affordable travel insurance, Aquarium Software says modern technology can enable insurers to update outdated systems of medical screening and offer affordable cover to groups priced out unnecessarily.
Posted on Monday Jul 9

Travelinsuranceexplained to lobby Government on FCA findings

Travelinsuranceexplained.co.uk, the consumer awareness initiative, is supporting a Parliamentary drop-in to be held this week by Shadow Minister for Public Health Sharon Hodgson MP as part of its campaign to lobby Government and key stakeholders to bring more access to insurance for vulnerable consumers.
Posted on Monday Jul 9

Earnings volatility concerns drive reinsurance buying

According to a recent, comprehensive international survey of insurers by Willis Towers Watson that due to pressure from investors, insurers are becoming less tolerant of missed earnings targets. As a result, they are moving to more sophisticated metrics, such as return on equity and economic capital.
Posted on Monday Jul 9

Free smartphone dash cam for all UK drivers

Aviva has launched free dash cam functionality within the Aviva Drive app, making it simpler and easier for motorists to make an insurance claim directly from a smartphone.
Posted on Thursday Jul 5

Smartphone goes from villain to hero re driver distraction

According to a new industry study by The Floow almost a third of British insurers (32%) say they need access to data on actual driver behaviour to tackle the rising problem of driver distraction – a move that casts a new role for the smartphone in British cars today.
Posted on Thursday Jul 5

Home insurance costs rose over 20 percent in last two years

Home insurance costs have jumped by 21% over the past two years, according to new research by Compare the Market, following hikes to insurance premium tax and the introduction of Flood Re. The latest data from April indicates that the average cost for buildings and contents insurance stands at £161 per year, rising from £133 in April 2016.
Posted on Thursday Jul 5

Global insurance premiums continued to rise in 2017

Global insurance premiums increased 1.5% in real terms1 to nearly USD 5 trillion in 2017, after rising 2.2% in 2016. Global life premiums increased 0.5% in 2017, while global non-life premiums rose 2.8%. Growth in both the life and non-life sectors slowed.
Posted on Thursday Jul 5

Diverse saving priorities add to the gender pension gap

According to research from LifeSight, Willis Towers Watson’s UK DC Master Trust, 35% of women believe they will continue to work past the age of 70 in comparison to just 29% of men. Regardless of this extra measure, only 33% of women feel confident they have enough resources to live comfortably throughout retirement compared to nearly half of men (49%).
Posted on Wednesday Jul 4

PwC report on the impact of technology on claims teams

According to a new report from PwC insurance claims teams must adapt if they are to not just survive the inevitable impact of technology but also harness the benefits. The report, launched to coincide with the Lloyd's Market Association’s (LMA) Future of Claims Forum, focuses on how the pace and adoption of new ways of working will impact the insurance workforce of the future, and the types of skills that will make up the teams dealing with customers making claims.
Posted on Wednesday Jul 4

FCA proposes new Directory of financial services workers

The Financial Conduct Authority (FCA) has today proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services.
Posted on Wednesday Jul 4

New normal prompts reinsurer action

Momentum for rate increases on loss-free reinsurance accounts dissipated during the June/July property catastrophe renewals, and in some cases, pricing declined. For example, although most loss-free Florida property accounts were flat, some saw rate declines of up to -7.5%, as competition for this business was heightened, and non-traditional players offered layers with reinstatements.
Posted on Tuesday Jul 3

70 percent think its ok to manipulate motor insurance quotes

New research of 1,500 motorists by LexisNexis Risk Solutions has found that 7 out of 10 think it is acceptable to manipulate the information they provide when obtaining a quote for motor insurance from a price comparison site. The full findings of the research have been published in a white paper entitled, Finding and Building Loyalty in the Motor Insurance Market.
Posted on Tuesday Jul 3

JLT report on the UK savings gap

UK employees think they need £361 extra income each month to save more, according to new research by JLT Employee Benefits. This equates to a national savings gap of £9.7bn* per month.
Posted on Monday Jul 2

Tech could be the solution to Tramadol nights in jail abroad

Travel tech specialist Aquarium Software is warning the millions of holidaymakers who continue to travel without insurance of this risks they are taking, as numerous travellers continue to get into trouble with the authorities over the medicines they take abroad. Despite high profile cases in the media, consumers still seem unaware that drugs legal in the UK, could well be banned elsewhere and insurance is vital. Falling foul of the law is never a good thing, not least overseas; fines, or imprisonment can follow for those who, however unknowingly, break the rules.
Posted on Monday Jul 2

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