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Global commercial pricing up 15 percent in 1st quarter 2021

Global commercial insurance prices increased 15% in the second quarter of 2021, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor. It’s the 15th consecutive quarter of rate increases in the global commercial insurance market. It also marks the third consecutive quarter to show a fall in the average rate of increase and follows year-on-year average increases of 18% in the first quarter and 22% in the fourth quarter of 2020.
Posted on Tuesday Jul 27

Natural disasters cost global economy USD93bn in 1H 2021

Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its Global Catastrophe Recap: First Half of 2021 report, which evaluates the impact of natural disaster events that occurred worldwide in the first six months of the year.
Posted on Thursday Jul 22

Covid has impacted the risk landscape in the TMT sector

Willis Towers Watson launched a new report, “Risks on the Horizon” for the Technology, Media and Telecommunications sector which looks in-depth at the risk landscape impacting TMT organizations and highlights issues they will need to tackle to thrive in a post-pandemic future.
Posted on Tuesday Jul 20

Global civil unrest sees surge in interest in SRCC insurance

The number of large protests and demonstrations globally has risen 36% since the global financial crisis in 2008-2009, from an average of 355 per year in the decade to 2009 to 482 per year in the decade following the Global Financial Crisis, according to a study by specialty (re)insurance group Chaucer.
Posted on Monday Jul 19

Bikes and computers becoming most popular to insure

According to GoCompare data, the two are second only to jewellery and watches when it comes to the most popular possessions to be covered by home insurance
Posted on Friday Jul 16

Implementing business transformation for customer needs

Lindsay Foster, Commercial Strategy and Transformation Director at AXA Partners UK & Ireland, explains the importance of business transformation, digitalisation of services and how to monitor customer needs. As the world continues to develop and change at speed, businesses cannot afford to stand still or be complacent. AXA Partners recognises the importance of digitalisation and has worked hard to ensure that transformation is fully embedded within the organisation.

Posted on Friday Jul 16

Hotspots for car theft across the country

Co-op Insurance has released the results of an extensive car theft study, revealing London as the car crime hotspot of the UK. Data from the leading motor insurer outlines the places across England, Scotland and Wales that have had the highest car theft rates since 2016, uncovering that nine of the top 10 locations are all in the capital.
Posted on Friday Jul 16

Insurtechs should prioritise affordability and flexibility

The home insurance market among younger generations is ripe for disruption and insurtechs that can offer cheap, flexible and digital policies are most likely to be successful with those aged 30 and younger, says GlobalData.
Posted on Friday Jul 16

FCA loses 323 electronic devices including desktop computers

The Financial Conduct Authority (FCA) has misplaced a total of 323 electronic devices estimated to be worth £310,600 over the last three years, according to official figures. The FCA, which operates independently from the UK government, is financed by charging fees to its members, and last November issued a warning to businesses to ‘be responsible when handling client data’.
Posted on Thursday Jul 15

Firms should be under no illusion what the FCA expects

Firms should be under no illusion about what the FCA expects with regards to their duty of care – whilst the FCA itself undertakes transformational change”
Posted on Thursday Jul 15

Women may miss out most if Government scraps triple lock

Amanda Latham, Policy & Strategy Lead at Barnett Waddingham, commented: “With recent analysis by the OBR predicting that state pensions could rise by as much as 8%, the pensions triple lock has once again come under fire. Deemed as an outdated policy that is costly to the taxpayer, it’s very clear that there are holes in the system. Any policy that is significantly undermined by a lack of public support needs to be addressed.
Posted on Monday Jul 12

London PI market confident in face of enduring challenges

Clyde & Co’s Confidence in the face of challenge report reveals that confidence is high and appetite strong in the London professional indemnity (PI) market despite a trinity of challenges facing the industry. With 94% of insurers planning to write the same or more business in the next 12 months, recession, cyber threat from remote working and continued regulatory oversight are top of the insurance industry’s list of concerns.
Posted on Monday Jul 12

Without carbon removal industry climate targets cant be hit

The pathway to tackle climate change is clear: Reducing CO2 emissions is the priority and then any unavoidable emissions need to be removed from the atmosphere and stored permanently.
Posted on Thursday Jul 8

ACA cautions on regulatory reform of actuarial work

The Association of Consulting Actuaries (ACA) in its response to the BEIS consultation on Restoring trust in audit and corporate governance, which also encompasses the future regulation of actuaries, has cautioned on the unintended consequences that could arise in the implementation of reforms primarily focussed on audit.
Posted on Thursday Jul 8

Ecological forest thinning can reduce insurance costs

The Nature Conservancy and Willis Towers Watson have published analysis that shows how ecological forest management, which reduces the risk of severe wildfires in fire-adapted forests, can be combined with insurance and significantly reduce insurance costs.
Posted on Wednesday Jul 7

Cyber insurance industry to exceed USD20bn by 2025

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020 and will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19, according to GlobalData.
Posted on Tuesday Jul 6

Brighton footballers dishonest claim scores own goal

For a non-league footballer, having one of your goals shown on TV’s Soccer AM is a dream come true. But for Haywards Heath FC’s Callum Saunders it was the start of a nightmare because it allowed insurance investigators to prove that his claims of a debilitating foot injury were a lie.
Posted on Monday Jul 5

ABI comment on HM Treasury response on Solvency II

Commenting on the response from HM Treasury to its call for evidence on the review of Solvency II, Charlotte Clark, Director of Regulation, Association of British Insurers, said:
Posted on Friday Jul 2

Google UKs plans to clamp down on scam promotions

Commenting on Google UK’s plans to clamp down on scam promotions, Tommy Burns, Risk and Financial Crime Manager at Phoenix Group, said:
Posted on Thursday Jul 1

PASA launches Counter Fraud Guidance

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, has unveiled its Counter Fraud Guidance for UK pension schemes, trustees and providers.
Posted on Thursday Jul 1

Research highlights business resilience to key risk areas

Beazley has launched the first in a series of reports that will provide a benchmark for business resilience to and appetite for risk post pandemic. The report also assesses the extent to which insurance is providing the safety net and support organisations need.
Posted on Thursday Jul 1

IFoA respond to proposals to changes to actuarial regulation

The actuaries’ professional body supports the principles proposed, but has concerns regarding how they will be implemented
Posted on Wednesday Jun 30

Increased diversity in trustee boards still a primacy

Barnett Waddingham and Winmark’s latest Pension Chair Remuneration Report found that trustee chairs continue to look for diversity in their trustee boards and 38% say their scheme has already taken steps to increase diversity in the past year (a similar proportion to last year 40%).
Posted on Wednesday Jun 30

Insurers welcome EC proposals for Data Act

Insurance Europe has today published its response to a roadmap consultation by the European Commission on its proposals for the Data Act.
Posted on Tuesday Jun 29

ByMiles to gain access to Ford connected car data

Ford announces that By Miles will be the first insurance provider in the UK to get access to connected car data from their newer vehicles.
Posted on Friday Jun 25