General Insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the non-life market.

FCA publishes coronavirus financial resilience survey data

In response to the crisis, the FCA has been monitoring the effects of the economic downturn on firms’ solvency by rapidly increasing the data it collects on firms. The surveys, which are one of the data sources used to monitor financial resilience, have been sent to 23,000 solo-regulated firms to understand the real-time effect the pandemic is having on the finances of the firms the FCA prudentially regulates. The FCA has also been using existing regulatory reporting data, enhanced data purchased from a third-party provider and in-depth analysis of liquidity for a number of the most significant firms.

Sheldon Mills, Executive Director of Consumers and Competition said: "We are in an unprecedented – and rapidly evolving – situation. This survey is one of the ways we are continuing to monitor the potential impact of coronavirus on firms. A market downturn driven by the pandemic risks significant numbers of firms failing. At end of October we’ve identified there are 4,000 financial services firms with low financial resilience and at heightened risk of failure, though many will be able to bolster their resilience as and when economic conditions improve. These are predominantly small and medium sized firms and approximately 30% have the potential to cause harm in failure.

"Our role isn’t to prevent firms failing. But where they do, we work to ensure this happens in an orderly way. By getting early...Read More

Aviva reveal a selection of more unusual insurance claims

The advert focuses on a situation where “you had to be there.” And as the examples below demonstrate, Aviva has experienced its fair share of out-of-the-ordinary claims: 

Salt and vinegar with that? A motor insurance customer encountered an oncoming tractor pulling a trailer of potatoes. The potatoes flew off the trailer and the policyholder’s car was bombarded. When reporting the incident he commented: “There were no injuries but there were some chips from where the potatoes hit the car.”

There’s a deer in my swimming pool! A deer fell into a customer’s outdoor swimming pool, damaging the cover and tearing the pool lining, causing it to leak. Thankfully a local animal charity was able to look after th...Read More

Trade credit insurance scheme extended until 30th June 2021

Commenting on the extension of the Trade Credit Reinsurance Scheme until 30th June 2021, Stuart Ramsden, Regional Director at Atradius UK said: “Maintaining trade credit insurance cover for UK businesses is key to enabling trade and protecting supply chains. Trade credit protection is also important for the UK economy and its ability to overcome the challenges arising from the pandemic. From the early days of the pandemic, Atradius, alongside other leading providers and the ABI, worked very closely with Government representatives to develop this important support scheme and we welcome the confirmed extension.”
 

"Generation Lost" speaks - Global Risks Report 2014

Lifestyle Actuary

Dalriada Trustees Limited (Dalriada), one of the largest providers of professional trustee services to pensions schemes in the UK, has today announced the appointment of Sarah Brough as a professional trustee.

Lights Camera Actuary

For the next few months Zoe Bolton will be talking to the senior actuaries in these firms, getting a brief insight into their career paths and visions for the future. This month Zoe interviews Shil Patel the UK Managing Director at Dynamo Analytics

Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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