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Top 10 predictions for insurers in 2024

EIS has released its insurance sector forecast for 2024. The global coretech platform provider believes there’s every reason to be optimistic. Despite the tough year, it's one that has brought greater clarity on the issues facing insurers and how they can be overcome. Speed of adaptability will become the cornerstone of transformation.
Posted on Wednesday Nov 22

Uninsured driving conviction statistics 2022

The number of drivers found guilty at court for insurance related offences exceeded 117,000, with a third of convictions handed to drivers keeping a vehicle without insurance.

Analysis carried out by AA Insurance Services of figures produced by the Ministry of Justice* reveal that more than 76,500 drivers were sentenced for driving without insurance, while 40,150 drivers were convicted of keeping a vehicle without valid insurance.
Posted on Monday Nov 20

Insurers predict top trends for 2024

Insurance industry leaders from across Europe forecast high inflation and interest rates, attracting and retaining talent, and digital transformation will have the greatest impact on their organisations’ ability to secure future revenue growth in 2024, according to a survey conducted by WTW
Posted on Monday Nov 13

Call for reduction in IPT as car insurance prices rise

Following successive quarterly increases in costs, some insurers have reported further Q3 increases of 16% for materials, 15% for labour and 46% for other costs, largely driven by the price of energy. In the third quarter of 2023, the average price of motor insurance was a record £561, an increase of 29% compared to the same time last year.
Posted on Thursday Nov 9

No reforms for actuarial regulation in Kings speech

Commenting on the King’s Speech at the State Opening of Parliament today (7 November 2023), Kalpana Shah, President at the Institute and Faculty of Actuaries (IFoA) said:
Posted on Tuesday Nov 7

Insurers expect strong premium income growth by end of 2023

UK non-life insurance premium income forecast to grow 8.5% in 2023, up from 3.9% in 2022, before slowing slightly to 5.1% in 2024 and 4.1% in 2025. UK life insurance premium income forecast to grow 6.6% this year - upgraded from a 2% contraction in the February forecast, but down from 8.8% in 2022 - before slowing to 5.7% in 2024 and 4.4% in 2025.
Posted on Tuesday Nov 7

ESG catapults reputational risk into the top five

Corporate resilience to reputational issues is perceived to be falling, as board-level accountability declines. Companies must proactively assess new reputational risks, and their strategic and financial impacts, according to WTW’s latest Reputational Risk Readiness Survey Report.
Posted on Wednesday Nov 1

Storm Babet how can the UK build better insurance resilience

Bayes Senior Lecturer in Management calls for better integration of insurance into the UK’s resilience landscape in the wake of Storm Babet and further Met Office warnings.
Posted on Wednesday Nov 1

Global commercial insurance prices continue to stabilise

Global commercial insurance prices increased 3% in the third quarter of 2023, the same as the prior quarter, according to the Global Insurance Market Index released today by Marsh. The third quarter marks the 24th consecutive quarter of pricing increases.
Posted on Wednesday Nov 1

Home insurers have worst performing year on record in 2022

A loss-making 122% Net Combined Ratio (NCR) was recorded over 2022, driven by major weather events and high inflation. While improving year-on-year, further losses are expected in 2023 and 2024, with NCRs of 114% and 104% forecast respectively. Subsequently, consumer premium prices are set to rise 17% this year (on average £43 per policy), and a further 16% in 2024 (£44 per policy).
Posted on Monday Oct 30

Research published on the use of AI and ML in actuarial work

The Financial Reporting Council has today published new research examining the use of Artificial Intelligence (AI) and Machine Learning (ML) in UK actuarial work.
Posted on Thursday Oct 26

Almost 7 million UK adults hold Private Medical Insurance

13% of UK adults hold health insurance rising to 18% among the employed. The majority of people with PMI (76%) hold it as an employee benefit. PMI coverage expected to swell further as businesses recognise the importance of keeping their employees healthy and in the workforce
Posted on Wednesday Oct 25

Luton Airport car park fire update

An ABI spokesperson said: “The fire at Luton Airport’s car park is of course incredibly stressful and upsetting for anyone affected. “Insurers continue to do all they can to help their customers. We’ve worked with fellow industry body the Motor Insurers’ Bureau to obtain and share the number plates of the vehicles in the car park with our members, who are contacting customers as quickly as possible.
Posted on Friday Oct 20

Millions cut home heating to afford running their car

Nearly a fifth (18%) of motorists cut back on heating their homes to afford running their car - the equivalent of 7.5 million people. 92% of drivers saw steep increases in vehicle expenses in the last year, with the sharpest rises in fuel and insurance. Over four in 10 (42%) motorists have made cutbacks to make owning a car financially viable.
Posted on Tuesday Oct 17

Residents in the dark about risks posed by flooding

Nearly half (45%) UK residents believe their home is at risk from flooding. Yet less than a third (29%) know what steps to take to make their homes flood resilient. Being climate-ready is important - over half (57%) would consider flooding when choosing a new home. Confusion reigns over what increases or decreases the risk of flooding, with almost a third (30%) believing proximity to a river has no impact.
Posted on Monday Oct 16

Car insurance prices hit new record as claim costs surge

Motorists are now on average paying £924, which is £338 more than 12 months ago. Drivers aged 18 now on average pay £2995, experiencing the sharpest annual rise as prices increase by £1414 (89%) compared to a year ago. Premiums increase for eight straight quarters following a price rise of 19% (£148) in the third quarter of 2023.
Posted on Friday Oct 13

Car and home insurers face rising claims inflation

Margins of UK auto-focused insurers such as Admiral and Direct Line face a double whammy in H2 and 2024, according to a new sector report from Bloomberg Intelligence: sharply rising claims inflation, and the cost of implementing systems to comply with new consumer regulations that may or may not be easy to enforce.
Posted on Thursday Oct 12

A growing awareness of product liability insurance

New GILC report highlights international variations in response to product liability insurance as consumers demand greater protections
Posted on Wednesday Oct 11

New digital risks call for insurance innovation

Digitalisation enables insurers to monitor, mitigate and price risks more efficiently, allowing for more tailored insurance solutions that can help close insurance protection gaps.
Posted on Wednesday Oct 11

Its not me its my twin claims insurance fraudster

A Hampshire man seeking compensation for alleged injuries to his neck and arm attempted to claim that videos of him taking part in martial arts training during his recovery period actually showed his twin brother.
Posted on Wednesday Oct 11

LMG report on how insurance supports net zero projects

The London Market Group launched its report into the role that insurance plays in helping to unlock the potential of net zero projects. Aimed at parliamentarians and other influencers, it aims to showcase the role of the London Market in unlocking, promoting and facilitating the transition to net zero.
Posted on Monday Oct 9

FCA welcomes launch of TPT Disclosure Framework

The FCA welcomes the publication of the Transition Plan Taskforce (TPT) Disclosure Framework. As we transition to a low emissions economy, financial markets will increasingly want better information on how companies plan to adapt their business models, their operations and their products and services.
Posted on Monday Oct 9

LMA publishes updated sanctions clauses

The Lloyd’s Market Association (LMA) today published two sanctions suspension clauses. Since September last year, the LMA has been consulting across the insurance industry and with specialist sanctions lawyers in several jurisdictions on refining its widely used sanctions clause LMA3100. It has also engaged with regulators OFAC and HMT, as well as the French Insurance Association.
Posted on Thursday Oct 5

Comments on Solvency II consultation

Hymans Robertson and EY comment on the Solvency II consultation published by the PRA
Posted on Friday Sep 29

IFoA urges policymakers to focus on long term approach

As the UK party conference season kicks off, the Institute and Faculty of Actuaries has released a new policy prospectus which makes the case for an increased focus on long-term policymaking in the UK.
Posted on Thursday Sep 28