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10 things that are invalidating your car insurance

Car insurance prices have reached a seven year low, with Covid helping to drive down the price, but it’s important to remember to be as accurate as possible when providing your personal details.
Posted on Monday Apr 12

Severe weather results in billion dollar hit to insurers

Aon has launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of natural disaster events worldwide during March 2021.
Posted on Monday Apr 12

Seven percent growth in global reinsurance capital

Total capital dedicated to the global reinsurance industry measured USD 658 billion at year-end 2020 reflecting 7% year-on-year growth. The rise was driven primarily by strong investment market appreciation. New capital raised both by incumbents and new entrants added to the total, but capital returns to shareholders exceeded those new investments, according to the latest Reinsurance Market Report from Willis Re.
Posted on Monday Apr 12

Pay by mile pricing to be standard within four years

Research from By Bits has found that the motor insurance industry is heading towards usage-based pricing models, with 91% of insurers regarding it as a positive change for the industry.
Posted on Friday Apr 9

Health and wellbeing benefits boosts SME productivity

Research from the Association of British Insurers (ABI) shows that offering health and wellbeing benefits to staff can play a valuable role in boosting productivity. As lockdown eases and many companies adapt to the ‘new normal’, employee health and wellbeing will become ever more important for businesses.
Posted on Friday Apr 9

Car insurance prices hit seven year low as mileages plummet

Car insurance prices have fallen sharply to reach their lowest point since 2014, according to new research by MoneySuperMarket, with experts putting the drop primarily down to the significant reduction in driving during the pandemic restrictions.
Posted on Thursday Apr 8

Pandemic fuelling social inequality and political unrest

According to a new report by Marsh, the world’s leading insurance broker and risk advisor, pandemic-induced economic stress will continue to exacerbate global political risk throughout 2021 and amplify the threats facing already-fragile economies.
Posted on Wednesday Apr 7

Uninsured liabilities could cost employers dearly

Towergate Health & Protection is warning employers that they could unwittingly be leaving themselves open to uninsured liabilities that could cost them hundreds of thousands of pounds if their employee benefits are not aligned with their contracts of employment.
Posted on Tuesday Apr 6

More of the same for 1 April reinsurance renewals

International reinsurance renewals completed for 1 April 2021 followed trends set earlier in the season, as market pricing remained firm in virtually all classes and territories. Capacity was adequate across the board, and no substantive changes took place in negotiations over exclusionary language, according to the latest 1st View renewals report from Willis Re, the reinsurance division of Willis Towers Watson.
Posted on Thursday Apr 1

Aegon pays out over 140m in protection claims in 2020

Aegon has published individual protection claims data which shows it paid a total of £139.74 million for more than 1,584 claims, providing valuable support to families and businesses and paid 94% of all individual protection claims received in 2020.
Posted on Wednesday Mar 31

Insurers unprotected from hybrid working cyber threats

44% of UK insurance firms and underwriters admit to having inadequate cyber threat visibility and detection systems to protect employees working remotely, with firms unaware of the volume of cyber attacks and data breaches impacting their remote workforce, new research has found.
Posted on Tuesday Mar 30

Report on catastrophes 2020 spotlight on secondary perils

Swiss Re Institute has published its sigma on natural catastrophes in 2020. Putting the spotlight on severe weather events known as secondary perils, such as thunderstorms, local flooding and wildfires. These perils are increasingly and regularly responsible for the majority of natural-catastrophe-related insurance losses, driven by factors like urbanisation and climate change.
Posted on Tuesday Mar 30

Attitudes to risk and insurance revealed

Global survey reveals extent of underinsurance of key risks in burgeoning digital health and wellness sector; more than a third of firms struggle to find the right insurance for their specialist needs
Posted on Monday Mar 29

MS Exchange attacks may lead to thousands of claims

Insurers are being warned of the potential for a large volume of claims resulting from recent cyber attacks by criminals on the servers running Microsoft’s best-selling email services.
Posted on Friday Mar 26

77 percent of car insurers admit profit over customers

Motor insurance companies need to start putting customers at the heart of their future strategies or they face extinction - that’s according to new research from By Bits, the software-as-a-service insurance platform. It reveals that over three quarters (77%) of motor insurance companies admit to having put profit above customers for too long and accept they need to redress the balance if they are to succeed in the future.
Posted on Thursday Mar 25

Companies must prepare for political and violent disruption

Anti-lockdown protests, “Black Lives Matter” demonstrations or arson attacks on mobile phone towers: Damages, disturbances and, ultimately, losses from riots, protests, vandalism or other forms of civil unrest are now among the main political risk exposure for companies in the UK and worldwide. The ongoing impact of the Covid-19 pandemic will likely drive further activity, according to the latest issue of Global Risk Dialogue from Allianz Global Corporate & Specialty (AGCS). Business continuity planning needs to proactively address political violence risks, particularly in highly-exposed sectors such as retail.
Posted on Wednesday Mar 24

A year on from first UK lockdown

One year on since the first UK lockdown, Phoenix Group unveils the extent and nature of vulnerability among its customers during the pandemic, and outlines some of the measures the long term savings and retirement specialist has been taking to support those facing challenges.
Posted on Monday Mar 22

202m paid out to families of those who died of COVID

Insurers paid out £202 million – the equivalent of £553,000 every day - to support the families of people who tragically died due to COVID-19 in 2020 according to figures issued by the ABI. Payouts included £250,000 made the day after notification of death, and a £1 million payment to dependants.
Posted on Monday Mar 22

Portugal removed from the UKs travel red list

Tommy Lloyd, MD of Medical Travel Compared commented: The government’s announcement that Portugal has now been removed from the UK’s travel ‘red list’ is positive news for Brits hoping to get away for a summer holiday later this year, and is likely to boost consumer confidence as holiday firms and airlines report a surge in bookings.
Posted on Tuesday Mar 16

EIOPAs advice would further amplify Solvency IIs flaws

Insurance Europe has published a position paper outlining its views on the advice provided by the European Insurance and Occupational Pensions Authority (EIOPA) to the European Commission on the review of the Solvency II regulatory framework.
Posted on Tuesday Mar 16

Winter weather poised to exceed a record 10bn in losses

Aon has launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during February 2021.
Posted on Friday Mar 12

Insurance data reflects life and love in the time of Covid

As the first anniversary of lockdown approaches, a new report by Urban Jungle shows the impact and trends of a year under lockdown. Young people have seen their lives upended by the pandemic and may be reassessing their values and making major changes to their working and personal lives, a new report suggests.
Posted on Tuesday Mar 9

IFoA secures major sponsor for Thought Leadership series

The Institute and Faculty of Actuaries (IFoA) has secured a major sponsorship agreement with Dr Patrick Sun Cheong Poon to support its newly conceived Thought Leadership Programme.
Posted on Monday Mar 8

Aviva launches first annual UK Risk Insights Report

British businesses have loosened their grip on the climate emergency as they continue to battle the Covid-19 crisis, with many employers stating that their business is not exposed to any risks as a result of climate change, Aviva’s first annual Risk Insights Report shows.
Posted on Monday Mar 8

Burglars paradise

New research from Churchill Home Insurance reveals that in the last three years, £30 million worth of items have been stolen from garden sheds and outbuildings across England and Wales. Since the beginning of 2018, more than 70,000 cases of theft from outbuildings have been reported to police forces, the equivalent of 64 a day.

Posted on Friday Mar 5

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