General Insurance Article

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US Commercial Insurance rates show an increase of 6 percent

According to WTW, U.S. commercial insurance rates grew at a rate of 5.9% throughout the second quarter of 2024.
Posted on Tuesday Sep 10

Number of hailstorms doubles raising solar industry costs

Solar farms finding it hard to insure anything but a fraction of their capital value, slowing expansion of the sector. The number of hailstorms has jumped 104% to 11,808 storms last year* (year-ending June 30, 2024), up from 5,785 in 2022/23 causing increased damages to solar energy instillations, says specialty (re)insurance group Chaucer.

Posted on Monday Sep 9

Increasing demand for reinsurance in volatile environments

Growing demand for protection in property and specialty lines driven by elevated natural catastrophe risks, macroeconomic instability and politically charged environment. Refined data and modelling, as well as optimised capital management important topics in the current environment. In casualty, elevated litigation environment in the US a growing concern for the industry.
Posted on Monday Sep 9

Beyond the Horizon shaping the future of risk

New report highlights the need for collaboration and innovation to address the evolving risk landscape and drive the next phase of industry growth
Posted on Thursday Sep 5

Projecting Cyber Insurance growth

Cyber insurance is poised for exponential growth over the coming decade but it remains a capital-intensive peril that requires structural innovation, according to CyberCube, the world’s leading analytics provider to quantify cyber risk.
Posted on Wednesday Sep 4

Two thirds risk invalidating insurance when moving house

Two-thirds of Brits don’t realise contents insurance won’t cover a house move unless a professional removals company is used. More than half (54%) of homeowners hire a removals company when moving house, compared to just over a third (35%) of renters. 29% of residents admit to breaking an item in a move, and one-quarter have lost something.
Posted on Wednesday Sep 4

Car insurance premiums are still on the rise

Policies cost 23% more than the same time last year. Drivers in Wales see the lowest premiums in the UK (£366). Third-party-only insurance remains the most expensive type of cover (£599).
Posted on Tuesday Sep 3

Tackling insurance protection gap caused by climate change

A report published has laid out recommendations on how to reduce the protection gap caused by climate change - the gulf between how much is lost and how much is insured.
Posted on Tuesday Sep 3

Insurers average annual catastrophe losses reaches USD151bn

Verisk’s Extreme Event Solutions business cites exposure growth, impacts from climate change and climate variability and an increasing frequency of catastrophe events as contributors to steady rise in anticipated costs
Posted on Tuesday Sep 3

Smaller insurers set to retain Public Interest Entity status

Clarity now exists for smaller insurance firms that any currently treated as a PIE should assume they will continue to be treated as so in 2025 and beyond. Smaller insurers unlikely to take advantage of the new thresholds and choose to ‘opt in’ to the Solvency II regime rather than operate as non-directive firms. Broadstone and AFM to push Department for Business & Trade to create exemptions to PIE status for smaller insurers.
Posted on Wednesday Aug 28

Quoted home insurance prices up by over 27 percent

Quoted premiums are down 1.1% in the past three months as more insurers join price comparison websites. Quoted prices rise the most in London at 33.7% and the least in the West Midlands at 21.9%.
Posted on Wednesday Aug 28

Remember the Travellers Ten when taking out travel insurance

With holiday season in full swing, many of us will be pulling together our pre-trip checklist and ticking off that essential to-do: travel insurance.While most people remember their holiday for the right reasons, if the worst happens – such as needing emergency overseas medical treatment – travel insurance can be a lifeline.
Posted on Thursday Aug 22

Dangerous DIY jobs that home insurance may not cover

Home renovation is high on the to do list this weekend, as 68% of Brits plan improvements around the house on Bank Holiday weekends, a new survey by Go.Compare home insurance has revealed.
Posted on Wednesday Aug 21

Insurers must give fair value and good customer outcomes

Insurers and brokers have improved governance and oversight of how products are designed, managed, reviewed, and distributed, but many still cannot show how they are providing fair value to customers or that they were receiving good outcomes.
Posted on Wednesday Aug 21

IPT receipts up 11 percent vs last year on premium inflation

IPT receipts reached £3.07 billion through the first four months of 2024/25 according to the latest HMRC data released this morning, exceeding the same period last year (£2.76 billion) by 11%.
Posted on Wednesday Aug 21

Eight in 10 complain about Road Ravers throughout summer

Drivers fed up with excessively loud music from other cars on the road. Littering and passengers hanging feet out the window also witnessed. “Don’t be a ‘Road Raver’” warns AA’s head of road safety
Posted on Friday Aug 16

Top reasons behind home insurance claims revealed

Accidental loss/damage, escape of water and storm damage are the top three most common claims. Storm damage is more likely in Jersey than anywhere else. London boroughs see the most claims for theft.
Posted on Thursday Aug 15

Cost of home insurance continues to rise in Q2

New data from Compare the Market has found that the cost of home insurance continued to rise between April and June this year: Homeowners in Northern Ireland (62%), Greater London (39%), and the South East (36%) experienced the largest year-on-year increases.
Posted on Tuesday Aug 13

Insurance industry paying the price for legacy tech

hyperexponential has published its State of Pricing 2024 report, which underlines how despite the wealth of opportunity that new technology has unlocked, challenges with the broader ecosystem and legacy systems are holding back innovation and dragging on insurers’ efficiency, profitability and collaboration.
Posted on Tuesday Aug 13

Losses from riots has little impact on insurance industry

The recent UK riots have caused major losses where the unrest took place and will be a major test for the UK Riot Compensation Act 2016 (RCA).
Posted on Monday Aug 12

Property insurance payouts hit record quarterly high

Insurers paid out £1.4 billion in claims during the second quarter of the year to help homeowners and businesses cope with unexpected and unwanted events like fire and flooding, according to the latest data from the Association of British Insurers
Posted on Monday Aug 12

Childcare costs rise showing need for flexible working

Phoenix Group calls for greater access to flexible working, as two-fifths (41%) of working parents spend more on childcare during the school holidays.
Posted on Monday Aug 12

Discrepancy in reinsurers midyear renewals due to Cat losses

Higher reinsurance-policy retention might afford Munich Re, Swiss Re and peers' a shield, yet lowered prices don't reflect the risk posed by high sea temperatures in the current hurricane season, according to a new report from Bloomberg Intelligence (BI). Record available capital meant midyear renewal rates fell, notes BI, with supply and demand still driving pricing even as a record year of catastrophe claims beckons.
Posted on Friday Aug 9

Two fifths of drivers unaware of main Highway Code changes

Two fifths (42%) of drivers remain unaware of a flagship update to the Highway Code, despite it being introduced more than two years ago.
Posted on Friday Aug 9

PRA increases insurer supervision on Funded Reinsurance

The PRA is concerned that the current growth in FundedRe transactions by UK life insurers could, if not properly controlled, lead to a rapid build-up of risks in the sector.
Posted on Thursday Aug 8