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UK Insurers fall behind in utilising Telematics

More than nine in ten (95%) insurance chiefs can see clear benefits of using telematics and the data science that powers it – although UK insurers are falling behind their European counterparts in fully appreciating the impact that telematics can have beyond risk modelling and potentially reducing car insurance premiums.
Posted on Friday Oct 19

Statistics show roadside dangers for children at Halloween

New analysis of road traffic accident data by Churchill Car Insurance reveals the increased risk of being hit by a car posed to young trick-or-treaters this Halloween. October 31st sees a higher number of children aged 10 and under being hit by cars on Britain’s roads than at any point during the four-week period around Halloween.
Posted on Friday Oct 19

SMEs hit by sixty five thousand cyber attacks a day

Small businesses in the UK are the target of an estimated 65,000 attempted cyber attacks every day, according to new figures1 from specialist global insurer Hiscox.
Posted on Thursday Oct 18

Insurers should reconsider how workplace risk is assessed

Insurers must embrace new techniques to assess risk based on the impact of employment according to Hymans Robertson, the leading benefits and risk consultancy, and yulife, an innovative new lifestyle insurer employment, as they release analysis identifying a large work-wellbeing gap between what employees expect from their workplace, and the reality of their experience.
Posted on Thursday Oct 18

Swiss Re reveals huge claims burden from large catastrophes

Swiss Re estimates its preliminary combined claims burden from recent large natural catastrophes at approximately USD 1.1 billion, net of retrocession and before tax, dominated by weather-related losses in Japan
Posted on Thursday Oct 18

Insurers unite in call for IFRS 17 improvements and delay

A global group of nine insurance associations has written a joint letter to Hans Hoogervorst, chair of the International Accounting Standards Board (IASB), that highlights the industry’s concerns about the International Financial Reporting Standard (IFRS) 17 for insurance contracts.
Posted on Wednesday Oct 17

Compensating for financial loss is not a complete service

Insurers who are looking to differentiate themselves and provide more than just a payout should consider adding emotional support to their products, according to professional nurse adviser firm RedArc. In fact, the professional nurse adviser says that for larger and more serious claims, the emotional impact of events is often more severe than the material loss – particularly in the instances of flood, fire, bereavement and accident.
Posted on Tuesday Oct 16

Car insurance costs see first rise in 12 months

According to the latest Car Insurance Price Index, in association with Willis Towers Watson, comprehensive car insurance premiums increased by an average of 1% (£8) in the third quarter of 2018, suggesting a stabilisation in prices after previously falling at their fastest rate compared to the last time prices dropped in 2014.
Posted on Tuesday Oct 16

FCA opens discussion on the impact of climate change

The effects of climate change and the associated transition to a low carbon economy may have a major impact on financial markets and on products that serve those markets. The Discussion Paper sets out how the impacts of climate change are relevant to the FCA’s statutory objectives of protecting consumers, protecting market integrity and promoting competition.
Posted on Monday Oct 15

PwC on PRAs statement on managing risks from climate change

Commenting on the Prudential Regulation Authority’s (PRA) Supervisory Statement on climate change, Jon Williams, PwC Partner and FSB Taskforce on Climate-related Financial Disclosures (TCFD) member, said:
Posted on Monday Oct 15

SME optimism despite Brexit and recruitment worries

New research from MetLife UK shows that small and medium-sized companies are confident about their prospects over the next five years although they are worried about the potential impact of Brexit and ongoing concerns about recruiting staff.
Posted on Monday Oct 15

Natural catastrophes cost global economy tens of billions

Aon’s Impact Forecasting team today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during September 2018.
Posted on Wednesday Oct 10

Time off for a mental illness is still less widely accepted

According to new research from Canada Life Group Insurance mental health issues have come to the forefront of public consciousness in the past year, but taking time off for a mental illness is still less widely accepted than taking a sick day for a physical illness,
Posted on Wednesday Oct 10

Go Sober for October

Data from insurethebox is providing a timely reminder for young drivers that it is never a good idea to drink and drive.
Posted on Tuesday Oct 9

Euston closure is timely reminder to insure UK travel

Recent travel chaos at one of London’s busiest transport hubs, Euston station, serves as a reminder to travellers that insurance can be equally as relevant at home as abroad.
Posted on Tuesday Oct 9

Joint guide aims to help firms discuss cyber insurance needs

A group of European industry bodies — BIPAR, FERMA and Insurance Europe, in association with Aon and Marsh — has published a guide to help organisations understand their cyber risks and potential need for cyber insurance.
Posted on Tuesday Oct 9

Lloyds issued with legal directions for PPI breaches

The CMA has taken action against Lloyds Banking Group (Lloyds) for serious breaches affecting thousands of PPI customers.
Posted on Friday Oct 5

Small businesses fear IPT budget hike

Ahead of the Budget on 29th October, independent research commissioned by Allianz has revealed anxiety amongst SME business leaders that the Chancellor will increase Insurance Premium Tax (IPT) from its current standard rate of 12%.
Posted on Thursday Oct 4

Winter sports fans say charge us more for travel insurance

Over 70 percent of the Great British public who have been on or are planning to go on a winter sports holiday would be happier buying travel insurance - even if it cost more – if they had the reassurance that everything was covered.
Posted on Thursday Oct 4

IFRS 17 must be good enough but it is not yet

European insurers are committed to a high-quality reporting standard for insurance contracts that improves insurers’ financial reporting. The industry therefore supports the new International Financial Reporting Standard (IFRS 17) for insurance contracts and is allocating considerable resources to prepare for its implementation.
Posted on Wednesday Oct 3

Drive the conditions not the speed limit on country roads

Analysis from global pioneer of telematics insurance, insurethebox, reveals the increased risk for young motorists when driving on country roads
Posted on Tuesday Oct 2

New BoE Solvency II guidance will help simplify reporting

The insurance industry will benefit from the recent release of much-needed Solvency II guidance by the Prudential Regulation Authority (PRA), which according to Willis Towers Watson will make it significantly easier for investors to understand how individual insurers are performing.
Posted on Thursday Sep 27

Trade credit insurers pay out a record GBP1m every day

A record £1 million was paid out every day during the second quarter of the year to help firms cope with the non-payment of bad debts according to figures out today from the Association of British Insurers (ABI). This largely reflects clams from many of the firms affected by the collapse of the construction firm Carillion in January.
Posted on Thursday Sep 27

Survey finds no consensus on social care long term funding

In the first of a series of reports outlining the results of the ACA’s 2018 Pension trends survey, the Association of Consulting Actuaries (ACA) has found little consensus amongst employers on the long-term funding of social care. The extra public funds already ear-marked by Government for social care are widely supported and might help address a one-off immediate need, even if they increase taxes.
Posted on Thursday Sep 27

Cross border car insurance back to the 60s if No Deal Brexit

When the UK joined the then Common Market in 1973 it heralded new freedoms for business and private drivers crossing borders in Europe. With Brexit, especially if negotiations end with no deal, Britain faces travel restrictions that go straight back to the 1960s which is made abundantly clear in the latest Government Brexit technical paper, covering insurance.
Posted on Tuesday Sep 25

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