General Insurance Article

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XPS Pensions Group appoints new Head of Investment

XPS Pensions Group (XPS) announces the appointment of Alasdair Gill in a new role, as Head of Scotland Investments Team, to help grow their proposition.
Posted on Friday Jul 19

Mike Brockman says night time curfews may kill young drivers

Responding to the Government’s plans to explore the introduction of graduated licensing for young drivers , Mike Brockman, the pioneer of telematics insurance in the UK and CEO of ThingCo which is developing the next generation of telematics technology has slammed the the proposals as deadly.
Posted on Thursday Jul 18

European Reinsurers can claim capital credit from Guernsey

Guernsey reinsurance works for EU-domiciled insurers and allows them to take credit in capital calculations for reinsurance under Solvency II regulations.
Posted on Thursday Jul 18

Inflation rate remains on Bank of Englands 2 percent target

Following the publication of the Consumer Prices Index (CPI) 12-month rate for June, please see the below comment from Steven Cameron, Pensions Director at Aegon.
Posted on Wednesday Jul 17

Insurers win 68 percent of commercial disputed claims

New research reveals that companies who take their insurers to court or public arbitration over non-payment of a claim only win in around one in three cases.
Posted on Tuesday Jul 16

DWF say discount rate is hugely disappointing for insurers

The Lord Chancellor has announced the outcome of the first discount rate review under the new methodology provided for in the Civil Liability Act 2018.
Posted on Monday Jul 15

Mazars DA survey shows Lloyds MAs struggling with resources

Mazars has published its Lloyd’s Delegated Authority Management Survey. It found that 53% of Lloyd’s Managing Agents are struggling with resources in their delegated authority (DA) teams, a worrying trend given that this figure has risen since 2017.
Posted on Monday Jul 15

Car insurance premiums see five percent annual increase

Comprehensive car insurance premiums increased by 3.5% (£27) in the second quarter of 2019, with UK motorists now paying £789 on average, some £37 more 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 Monday Jul 15

Losses from June European weather events may exceed USD2bn

Aon 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 2019.
Posted on Thursday Jul 11

Millennials most likely to want to protect their income

New research from Canada Life Group Insurance reveals that Millennials are most likely to want to protect their income. As 28% of employees aged 18-34 indicate Group Income Protection (GIP) would be the most useful protection product to support an extended career – significantly higher than the overall average (17%).
Posted on Wednesday Jul 10

Rise of the disruptors as new insurers outnumber the old

A surge of innovation means over two thirds (68%) of UK insurance firms active today were incorporated in the 21st century, outnumbering older incumbents by more than two to one according to new analysis by Policy Expert, the digital home insurer.
Posted on Wednesday Jul 10

The FCA publishes Annual Report and Accounts

The Financial Conduct Authority (FCA) has today published its Annual Report and Accounts, which looks back on the key pieces of work undertaken by the organisation throughout 2018/19.
Posted on Wednesday Jul 10

Did you know you have to declare broken bones

Brits across the UK will be starting to count down the days to their summer sporting holidays, but what they might not have realised, is that if you have suffered a broken bone in the last two years which resulted in hospital treatment, they may not be covered by their medical travel insurance.
Posted on Tuesday Jul 9

GDPR fines unlikely to be insurable

Mactavish has responded to the £183m fine imposed on British Airways by the Information Commissioner’s Office for the breach last year of its security systems by hackers.
Posted on Tuesday Jul 9

Global insurance premiums exceed USD 5tn for the first time

Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product (GDP).
Posted on Thursday Jul 4

Prison sentences for fraudsters in crash for cash scam

DWF has won a ground-breaking fraud case on behalf of its client, motor insurer Markerstudy, where two men have been imprisoned after being found in Contempt of Court for their involvement in a 'crash for cash' scam.

Posted on Tuesday Jul 2

Reinsurers more discerning at mid year renewals

Strengthening primary insurance market conditions underpinned improvements to reinsurance prices, terms and conditions at the June 1, and July 1, 2019, renewals according to the latest 1st View renewals report from Willis Re.
Posted on Tuesday Jul 2

Insurance sector upbeat but concerns over fall in GI volumes

The insurance sector is fairly positive compared to financial services overall, according to the latest CBI/PwC Financial Services Survey. The quarterly survey of firms shows that within insurance, opportunities to improve customer service and capitalise on M&A deals are boosting levels of optimism.
Posted on Monday Jul 1

How many years of care would your property pay for

As Brits face up to the prospect of paying more towards their care in later life, Just Group analyses the regional variations in care and property costs to see how many years of care your property could buy
Posted on Monday Jul 1

Car insurance premiums coast amid Brexit uncertainty

Amid Brexit uncertainty, an unstable pound and rising claims costs, car premiums have remained broadly stable in the last year, new analysis from Consumer Intelligence shows.
Posted on Friday Jun 28

Most over 55s would give up foreign holidays to keep home

Most homeowners over 55 would never go on holiday abroad again if it meant they could stay in their current home, according to the latest research from over 50s experts SunLife.
Posted on Thursday Jun 27

Amendments to IFRS17 should prompt action from insurers

Proposed amendments to the new insurance accounting standard, IFRS® 17 Insurance Contracts, were published today by the International Accounting Standards Board (the Board). The amendments will ease the efforts of insurers worldwide to implement a standard that will bring increased transparency about the profitability of their business, greater comparability, and more insight into their financial health than ever before, according to KPMG International.
Posted on Thursday Jun 27

Willis Towers Watson on the latest IFRS17 amendments by IASB

The International Accounting Standards Board (IASB) has published the limited scope Exposure Draft (ED), containing key proposed changes to its accounting standard IFRS 17 Insurance Contracts. A 90-day comment period has been set, with responses to the amendments due by 25 September.
Posted on Wednesday Jun 26

Employees fear health concerns may stop them working past 65

Nearly three quarters (71%), or 23 million employees, plan to work beyond the age of 65, but two in five of these (41%) – equivalent to 9.5 million workers – are concerned their health will make it difficult to do so, according to new research from Canada Life Group Insurance.
Posted on Wednesday Jun 26

Banks can offer more than mobile phone insurance

Banks could be missing an opportunity to provide customers with additional mobile phone insurance services, according to research from Assurant.
Posted on Tuesday Jun 25