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ABI comment on IFRS 17

The UK Endorsement Board (UKEB) has announced that it has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies.
Posted on Friday May 20

FCAs new powers removes firms without regulatory permission

Businesses required to prove they are carrying out the regulated activities they are permitted to or face losing this permission. Failure to take action following two warnings will lead to cancellation of regulatory permission 28 days after the first warning. New powers support FCA’s ‘use it or lose it’ initiative
Posted on Friday May 20

Net Zero may double the size of the London insurance market

MPs heard last week that the value of the opportunity provided by the global transition to Net Zero was potentially large enough to double the size of the London insurance market.
Posted on Tuesday May 17

Comments on the Queens Speech at the Opening of Parliament

Comments from Phoenix Group, Aegon and Royal London comment on the Queens Speech at the State Opening of Parliament
Posted on Tuesday May 10

No clear timetable for reform of actuarial regulation

Louise Pryor, President at the Institute and Faculty of Actuaries (IFoA) has commented on the Queen’s Speech at the State Opening of Parliament.
Posted on Tuesday May 10

Shipping losses fall but Ukraine war muddies the waters

The international shipping industry is responsible for the carriage of around 90% of world trade, so vessel safety is critical. The sector continued its long-term positive safety trend over the past year but Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion challenges resulting from the shipping boom, and managing challenging decarbonization targets, means there is no room for complacency, according to marine insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2022.
Posted on Tuesday May 10

Average cost of car insurance has fallen 5 percent this year

The average price paid by motorists for their motor insurance in the first quarter of 2022 fell by 5% to its lowest level in nearly seven years, according to the ABI’s latest Motor Insurance Premium Tracker.
Posted on Friday May 6

Insurers to pay 500m for storms Dudley Eunice and Franklin

The damage caused by Storms Dudley, Eunice and Franklin that hit much of the UK during February is expected to lead to insurers paying out nearly £500 million in dealing with 177,000 insurance claims , according to figures out today from the Association of British Insurers (ABI).
Posted on Friday Apr 29

Solvency II overhaul must put public interest first

The Institute and Faculty of Actuaries (IFoA) welcomes the Government’s long-anticipated consultation on ‘Solvency UK’, which represents a major opportunity to overhaul Solvency II to ensure it aligns with a post-Brexit world.
Posted on Thursday Apr 28

Google poses greatest threat to traditional home insurers

The accelerated rise of digitalization since the pandemic and increased use of smart home devices means that technology companies and outside players pose a threat to insurers in the UK by utilizing their skills in digitalization and strong brand recognition to attract customers. Research conducted by GlobalData, a leading data and analytics company, suggests that Google poses the greatest threat to UK insurers.
Posted on Tuesday Apr 26

Annual car insurance rise for first time in 18 months

Comprehensive car insurance premiums have risen by 2% (£12) during the last 12 months, with UK motorists now paying £550 on average, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson.
Posted on Friday Apr 22

Insolvencies set to increase as Government support ends

Despite a return to normal for many economies in 2022, insolvencies are set to rise reports leading trade credit insurer, Atradius.
Posted on Thursday Apr 21

Global directors concerned by cyber extortion and ransomware

Cyber-attacks and data loss are the top risks facing Directors & Officers, with cyber extortion and the growth of ransomware attacks a leading concern, says a global Directors Liability 2022 survey from WTW and Clyde & Co.
Posted on Thursday Apr 21

Positive growth for the group risk market in 2021

The UK group risk market continued to show positive growth last year, proving resilient in the face of sustained economic and market uncertainty, according to Swiss Re’s annual Group Watch report.
Posted on Thursday Apr 21

Black box uptake rising in under 30s despite concerns

While young UK drivers have expressed various concerns around the ‘Black Box’, this has not stopped demand rising, according to GlobalData. A survey has revealed that 17.3% of under 30s highlighted privacy as an issue, while 27.3% felt uncomfortable with the idea that someone was grading their driving ability, and 31% were put off by the idea that the box had a direct line with their insurer. Despite all of these concerns, uptake of telematic devices among under 30s rose by 28.6% between 2020 and 2021.
Posted on Wednesday Apr 20

Study reveals how women are affected by climate change

Aon and Women+ in Climate Tech (WiCT+)have launched a collaborative study on the relationship between gender equity and climate action. The report reveals that by focusing on gender equity, firms can be better informed, advised and make better decisions to navigate volatility and build a more resilient workforce.
Posted on Wednesday Apr 20

Loss of domestic oil covered on 90 percent of home insurance

Rocketing costs of domestic oil make it a valuable commodity for homeowners, but majority of home insurance providers cover loss of domestic oil as standard, says GoCompare
Posted on Tuesday Apr 19

NFU Mutual joins new Flood Re scheme

Winters and summers have become wetter in recent years, and one in four homes in the UK are now at risk of flooding.
NFU Mutual’s Flood Resilience Repairs scheme provides support for those at risk of flooding by contributing towards repairs which prevent significant damage from further floods.

Posted on Thursday Apr 14

Cost of living crisis deepens as CPI hits new 30 year high

The latest data shows UK inflation (CPI) grew by 7% in the year to March 20221, the sharpest rise in 30 years, driven by increases in fuel prices.
Posted on Wednesday Apr 13

Insurers on Corporate Sustainability Reporting Directive

Insurance Europe has published an updated set of key messages regarding the European Commission’s Corporate Sustainability Reporting Directive (CSRD) initiative, in view of the ongoing trialogue discussions between the Commission, the Council of the EU and the European Parliament on their respective proposals for the CSRD.
Posted on Tuesday Apr 12

The Exeter pays over 10m pounds in protection claims in 2021

The Exeter, has today released its income protection claims data for 2021, showing it paid £10.5 million, an increase of 4% on the £10.1m in 2020.
Posted on Monday Apr 11

Motor premiums rise by 68 pounds year on year

The average annual car insurance premium has risen by £68 year-on-year in the first three months of 2022, according to the latest Premium Drivers research from comparethemarket.com. The average premium is now £688 compared to an average of £620 for the same three-month period in 2021.
Posted on Monday Apr 11

ABI welcomes the Governments energy strategy

The ABI supports the Government’s plans to strengthen energy independence as set out in the British energy security strategy.
Posted on Friday Apr 8

Oil and gas price surge heightens risk of underinsurance

Commenting on the sustained rise in oil prices, and the subsequent insurance implications, Lockton’s Head of Cargo & Logistics Peter Hall notes:
Posted on Friday Apr 8

NFU Mutual reveal Storm Arwen led to claims of over GBP80m

Rural insurer NFU Mutual can reveal that it has now received more than £80 million worth of claims from customers who suffered damage following Storm Arwen, giving an insight into the destruction caused by last year’s storm.
Posted on Thursday Apr 7

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