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IFoA urges Chancellor to prioritise fairness in UK Budget

Ahead of the Autumn Budget and Spending Review, due to be delivered on Wednesday 27 October, the Institute and Faculty of Actuaries (IFoA) is urging the UK Chancellor Rishi Sunak to consider the long-term spending implications of the Government’s climate proposals on future generations.
Posted on Friday Oct 22

Insurers ratify G20 priorities on sustainability and climate

The Italian Insurance Association (ANIA) — in partnership with the Italian G20 Presidency and in collaboration with the Global Federation of Insurance Associations (GFIA) — has hosted the Insurance Summit. The event examined the significant contribution that insurers can and are already making to facilitate the G20’s priorities on people, planet and prosperity. Keynote speeches and panels discussed the role of insurers regarding sustainable investment, climate change and the development of integrated and resilient welfare systems.
Posted on Wednesday Oct 20

Vanguard joins Origo Transfer Index

Vanguard is the latest company to join the Origo Transfer Index (OTI), the voluntary index set up by Origo to increase transparency in the transfer market and help improve industry performance and customer outcomes.
Posted on Wednesday Oct 20

SCOR sign up to the Climate Transition Pathway

Willis Towers Watson have announced that SCOR have signed up to align capacity to support the Climate Transition Pathway (CTP) solution, an accreditation framework that provides insurance companies and financial institutions with a consistent approach to identifying businesses with robust low carbon transition plans aligned to the Paris Agreement. This follows on from the recent announcement that Liberty Specialty Markets had become the first insurer to support the CTP.
Posted on Monday Oct 18

10 trends that will affect the workplace post pandemic

COVID-19 has transformed the very nature of the employer-employee relationship, accelerating trends that were already in play and calling into question many things we took for granted before the pandemic – such as being required to work onsite. Many employees are fundamentally reconsidering what they want from their careers and how they want to work. And millions are quitting their jobs, a record four million Americans alone in April 2021, according to the U.S. Department of Labor. Employers are not only trying to determine how to support the individual needs of a diverse workforce but also are reconsidering many of the basics of how work gets done today.
Posted on Friday Oct 15

Call for flood insurance providers new directory

The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have opened registration for the new Flood Insurance Directory expected later this year. The organisations are calling for intermediaries and insurers who can provide cover for residential buildings and/or contents insurance for consumers who are struggling to obtain flood insurance to register to be part of the service ahead of its launch.
Posted on Thursday Oct 14

Canary Islands Volcano to cost hundreds of millions of Euros

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 September 2021.
Posted on Wednesday Oct 13

Cyber controls need to strengthen to combat ransomware

During the Covid-19 crisis another outbreak has happened in cyber space: a digital pandemic driven by ransomware. Malware attacks that encrypt company data and systems and demand a ransom payment for release are surging globally. The increasing frequency and severity of ransomware incidents is driven by several factors: the growing number of different attack patterns such as ‘double’ and ‘triple’ extortion campaigns; a criminal business model around ‘ransomware as a service’ and cryptocurrencies; the recent skyrocketing of ransom demands; and the rise of supply chain attacks.
Posted on Wednesday Oct 13

Pandemic taught us that preparedness is critical

Aon has hosted a panel debate on systemic risk as part of its Virtual Reinsurance Renewal Season fireside chats.
Posted on Friday Oct 8

No Time to Lie

No Time to Lie - The ABI’s latest detected general insurance fraud figures highlight that in 2020the average fraudulent insurance claim rises to £12,000 as insurers continue protecting honest customers.
Posted on Friday Oct 8

Lincoln Pensions rebrands as Cardano Advisory

The rebrand is part of the continued evolution and growth of Lincoln Pensions upon becoming part of Cardano in 2016. The business has more than doubled in size since then. The services it offers now span six practice areas from covenant risk transfer for well-funded schemes to restructuring and special situations expertise for challenged schemes and their sponsors.
Posted on Thursday Oct 7

Response to PRA proposals to changes to SolvencyII reporting

Insurance Europe’s Reinsurance Advisory Board (RAB) has responded to a consultation conducted by the UK Prudential Regulation Authority (PRA) on its proposed changes to Solvency II reporting requirements and expectations in the UK market. Such changes are relevant for several EU reinsurers with third-country branch undertakings in the UK or firms within the PRA’s Temporary Permissions Regime (TPR).
Posted on Wednesday Oct 6

Chancellor of the Exchequer opens Royal London House

Royal London House, the new office of mutual insurer Royal London, has been officially opened in Alderley Park, Cheshire today by Chancellor of the Exchequer, The Right Honourable Rishi Sunak MP.
Posted on Wednesday Oct 6

Car insurance rises by almost 3 percent as we return to work

New research by MoneySuperMarket reveals that the average price for fully comprehensive car cover rose by 2.5% between Q2 and Q3 this year, from £402 to £412.
Posted on Tuesday Oct 5

Among peoples financial mistakes are marriage and children

Sarah Coles, personal finance analyst, Hargreaves Lansdown: We all make financial mistakes, but some can be more expensive than others. Making mistakes with borrowing, saving and pensions can have far-reaching consequences for life. Meanwhile, marriage and children may be the most rewarding things in many people’s lives, but they can also be the most expensive, and if you haven’t planned for them carefully, it can drive a coach and horses through your finances.
Posted on Tuesday Oct 5

Swiss Re estimates Hurricane Ida claims at USD 750 million

Swiss Re estimated its preliminary claims burden from Hurricane Ida at approximately USD 750 million. On an industry level, Swiss Re estimated total insured market losses to be in the range of USD 28–30 billion.
Posted on Tuesday Oct 5

Surge of captive insurance company formations

The surge of captive insurance company formations gained greater momentum in 2020 as more organizations sought to balance their insurance purchasing with increased risk retention due to difficult insurance market conditions, according to Marsh.
Posted on Friday Oct 1

Vulnerable consumers priced out and left out

A new report from the Institute and Faculty of Actuaries (IFoA) and Fair By Design (FBD) details how those who need insurance the most are often priced out or left out, leaving them unable to access the protection insurance provides. ‘The hidden risks of being poor: the poverty premium in insurance’ exposes the difficulties faced by vulnerable and low income people trying to access insurance and provides practical solutions to ensure everyone has a fair chance of being able to protect themselves and their families.
Posted on Monday Sep 27

Furloughed workers reveal desired shift in working lives

Despite nearly six in 10 (57%) furloughed workers looking forward to returning to their old jobs at the end of this month, research from Canada Life reveals how these employees want major shifts to their working lives once the scheme draws to a close.
Posted on Tuesday Sep 21

Income Protection Awareness Week

Nathan Hill, Market Head L&H UK & Ireland at Swiss Re, on the importance of income protection products and the ongoing need to improve both consumer access to them and adviser confidence in them.
Posted on Monday Sep 20

Men lose twice as much money to scammers than women

Male scam victims have lost more than twice as much money as females in the last 12 months, insight from Phoenix Group, the UK’s largest long-term savings and retirement business, reveals.
Posted on Wednesday Sep 15

Financial protection gap widens between consumers

Financial vulnerability and health-related concerns are more prevalent among young consumers in emerging market countries, driving an increased appetite for purchasing insurance protection. This is according to the second edition of the EY Global Insurance Consumer Survey, a survey of 4,200 consumers in seven countries across Africa, Asia, North America and South America.
Posted on Tuesday Sep 14

Burglary to home insurance ratio leaves students at risk

Students across the UK may be putting their belongings, such as laptops and bicycles, at risk, with these possessions costing an average of £3,041, according to latest data from MoneySuperMarket.
Posted on Tuesday Sep 14

Reinsurance industry continues to demonstrate resilience

The convergence of tangible and intangible challenges facing the (re)insurance industry is creating one of the most dynamic and potentially volatile environments in recent market history, yet (re)insurers continue to demonstrate their resilience through their ability to adapt and respond. This is according to panelists at a recent virtual media briefing, Moving Forward, hosted by Guy Carpenter & Company
Posted on Friday Sep 10

Growing demand for insurance protection

Swiss Re expects insurance market premium growth to continue, driven by increased exposures, risk awareness and evolving client needs. According to Swiss Re Institute, non-life insurance premiums are expected to be 10% higher than the pre-COVID-19 level by the end of 2021. Heightened risk trends will increase the need for insurance protection, but also require a greater focus on evaluating and modelling, and ensuring pricing is adequate for the risks taken.
Posted on Thursday Sep 9