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Challenges persist protecting clients against underinsurance

Underinsurance continues to be a challenge for businesses, with three in four insurance brokers (73%) concerned that some of their clients may be underinsured.
Posted on Thursday Apr 18

Insurers optimistic on AI impact on underwriting quality

62% of insurance executives recognize artificial intelligence/machine learning technology (AI/ML) as elevating underwriting quality and reducing fraud
Posted on Wednesday Apr 17

Weather damage insurance claims worst on record

Property insurers paid out the equivalent of £13 million every day last year to help homeowners and businesses cope with unexpected and unwanted events like flooding and theft, according to figures published today by the Association of British Insurers.
Posted on Monday Apr 15

Reinsurers should brace against public sector cyber attacks

The (re)insurance industry should brace itself for potential attacks on the public sector targeting government and election infrastructure, warns CyberCube, the market leader of cyber risk analytics for the insurance industry.
Posted on Monday Apr 15

Workers unsure of the best time to buy insurance products

Over 3.9m UK workers are uncertain about the best time to purchase insurance products. Only 6% of respondents said they did not see the importance of insurance products. Yet, 13% of respondents are unsure of when to purchase products.
Posted on Tuesday Apr 9

Car insurers pay out record amounts to keep motorists mobile

Average of £1.13 million paid out every hour in motor claims last year. Over last decade, claims costs have risen at almost 3x rate of premium increases (adjusted for inflation). In the face of sustained cost pressures, the industry is working on measures to help motorists manage their motor insurance bills.
Posted on Monday Apr 8

FCAs concerns over insurers valuation of vehicles

The Financial Conduct Authority (FCA) has identified shortcomings in how some motor insurance firms are valuing written-off or stolen vehicles.
Posted on Tuesday Apr 2

New record of 142 natural catastrophes in 2023

Global insured losses from natural catastrophes in 2023 exceeded USD 100 billion for fourth consecutive year with earthquake in Turkey and Syria being the costliest catastrophe (estimated insured losses of USD 6.2 billion). Frequency of events is main driver of insured loss accumulation, with severe convective storms (SCS) accounting for record high USD 64 billion in 2023; 85% of SCS-losses in 2023 originated in the US, while growing the fastest in Europe. With climate change-induced hazard intensification likely increasing losses in the future, adaptation measures become key to reduce loss potential.
Posted on Tuesday Mar 26

Cost of car insurance increases by 46 percent year on year

Cost of car insurance increases by 46% year-on-year as the typical premium stands at £892. However, the average motor premium has fallen slightly from a peak of £951 in November.
Posted on Monday Mar 25

Record number of Income Protection policies taken out

Sales of individual income protection policies hit a record 247,000 last year. Sales of standalone* critical illness policies totalled 75,700 – nearly four times higher than ten years ago.
Posted on Wednesday Mar 20

FCA sets out plan for the year ahead

In its Business Plan for 2024-25, the FCA has set out an ambitious programme of work for the final year of its 3-year strategy to achieve better outcomes for consumers and markets.
Posted on Tuesday Mar 19

Insurers must make use of battery health tests for EVs

To help consumers better understand and ameliorate car insurance premium price increases, the ABI unveiled a series of steps the industry is taking to combat the rising costs of motor cover.
Posted on Tuesday Mar 19

Fire Safety Reinsurance Facility finalised

Reinsurance support is now in place to launch the Fire Safety Reinsurance Facility (the Facility) from 1 April 2024, in an industry intervention to help improve the availability of insurance for certain buildings with combustible cladding and other fire safety issues.
Posted on Monday Mar 18

Generative AI is reshaping the cyber threat landscape

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has today published a new report on how the rapid evolution of Generative Artificial Intelligence (GenAI) technology will impact the cyber risk landscape, requiring businesses to build greater resilience to these evolving threats.
Posted on Friday Mar 15

Actuaries call for policymakers to consider climate ruin

Actuaries are calling for more realistic climate risk assessments. This includes the ‘risk of ruin’: the point past which global society can no longer adapt to climate change.
Posted on Thursday Mar 14

IPT the tax that is hidden in plain sight

Never has a cut in IPT been more needed to help millions of hard-pressed families and businesses manage their finances says the ABI. Over two-thirds of people have little or no knowledge of IPT, despite around 84% of UK households paying it, making it UK’s ‘hidden in plain sight’ tax.
Posted on Wednesday Mar 6

Home Insurance prices up almost 41 percent in a year

The average quoted price of home insurance rose by 40.6% in the 12 months to January – the highest annual increase since Consumer Intelligence began tracking prices in 2014, the latest Consumer Intelligence Home Insurance Price Index shows.
Posted on Tuesday Mar 5

IFoA calls for a Budget for the long term

With the UK Chancellor set to announce the financial priorities in the forthcoming Budget Statement on Wednesday 6 March 2024, the Institute and Faculty of Actuaries (IFoA) has called for measures to meet the test for an increased focus on long-term thinking in the UK.
Posted on Monday Mar 4

Aviva urges motorists to check for post winter damage

Warning comes as Aviva’s latest claims data reveals the impact of weather on cars. Rain and ice contribute the most to weather-related claims, followed by wind. Aviva’s 10-step guide helps drivers prepare their cars for spring.
Posted on Friday Mar 1

AI provides opportunity for insurance industry

Global Insurance Law Connect (GILC) has launched its first ‘Artificial Intelligence Report’, providing insights from 18 countries on how artificial intelligence is impacting the insurance industry in their own markets.
Posted on Thursday Feb 29

PRA publish Policy Statement on Solvency II

Bharat Raj and Kathryn Moore at OAC following the publication of the PRA’s Policy Statement on Solvency II.
Posted on Thursday Feb 29

Ten steps insurers are taking to tackle motor cover costs

Insurers announce actions to bring down costs after premiums increased 25% in 2023
Posted on Tuesday Feb 27

Third of drivers forced to pay monthly for car insurance

Research by comparison site Money Expert has revealed a third of drivers in the UK will be considering monthly payment instalments to afford their car insurance premium at the time of the next renewal.
Posted on Monday Feb 26

Motorists wake up to their environmental impact

The majority of UK adults (85%) are either slightly or very concerned about global warming/climate change. Only one fifth (22%) of adults say they have taken no measures at all to reduce their carbon footprint in the last year, with the majority taking action by reducing the time their heating is on, or reducing electricity and gas consumption. Almost a third (32%) have cut the number of miles they’ve driven in the last 12 months; a further 28% predict that they will reduce mileages still further in the year ahead.
Posted on Thursday Feb 22

Lloyds provision for FCA investigation lower than expected

Q4 profit before tax £1.8bn vs £1.7bn consensus. Q4 Net interest margin 2.98%. Unwound £541mn of loan loss impairments. £450mn provision for impact of FCA review
Posted on Thursday Feb 22

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