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Insurers set for huge rise in business interruption claims

Business interruption claims will soar in the UK as a result of the COVID-19 lockdown. GlobalData’s revised post-COVID-19 forecasts general insurance DWP to decline by 1.7% in 2020, from 1.9% growth pre-COVID-19, before recovering to steady growth between 2021 and 2023. However, it will not return to previous levels by 2023, as the pandemic will have a lasting impact.
Posted on Friday Aug 7

Aon publish their latest Global Catastrophe Recap report

Aon launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during July 2020.
Posted on Friday Aug 7

Whiplash reform delay costing drivers extra on premiums

Whiplash reform would have reduced insurance premiums by an average of £35 but has been delayed until April 2021. comparethemarket.com is calling on the Government to give an amnesty on insurance premium tax to younger drivers which adds an estimated £126 to the cost of cover for 17 – 24 years olds
Posted on Thursday Aug 6

Most students in the dark about insurance

HALF of students don't understand the term 'contents insurance', a new survey has found. A poll of 1680 students conducted by UNIDAYS and insurance company Urban Jungle found that 51% of students replied 'no idea what that is' when asked the question:'Have you ever thought about getting contents insurance?'.
Posted on Thursday Aug 6

Construction companies insurance may no longer provide cover

Mactavish, the specialist outsourced insurance buyer and claims resolution expert, warns the construction insurance market is growing increasingly distressed and that premiums, which were already rising prior to the impact of Covid-19, have been turbocharged in the period since lockdown commenced. As well as rising premiums, it warns construction companies to expect considerable erosion in the quality and extent of the insurance cover they buy and to remain extremely vigilant through upcoming insurance renewals.
Posted on Wednesday Aug 5

Car insurance claims for injured cyclists are on the rise

Figures from insurance provider MORE TH>N show that the proportion of car insurance claims it received for bodily injury involving cyclists, pedestrians and motorcyclists has doubled in recent months, increasing from one in 10 claims to around one in five.
Posted on Tuesday Aug 4

European insurers views on artificial intelligence

Insurance Europe has today published an insight briefing about the European insurance industry’s views on artificial intelligence (AI). Insurers are already using AI to improve customer service, increase efficiency, provide greater insight into customers’ needs and to prevent fraudulent transactions. Insurance customers are embracing this innovation in insurance, as it responds to their needs and makes their interactions with insurers more convenient.
Posted on Monday Aug 3

57m paid out on group life insurance due to Covid19

GRiD today announces that the dependants of employees with group life benefits have been paid benefits valued at a total of £56,709,154 as a result of COVID-19 between 1 January and 30 June 2020. This represents 475 lump sum death benefit claims, plus the capitalised value of seven dependants’ pension claims where COVID-19 has been recorded as the primary or secondary cause of death on the death certificate or reported on the claim form. The average lump sum death benefit payment was £110,285 and the average capitalised value of the dependants’ pensions was £617,771.
Posted on Friday Jul 31

Improving access to insurance

The last 24 months have seen a real focus on helping consumers access suitable insurance protection. The British Insurance Brokers’ Association’s (BIBA's) 2020 manifesto is titled Access and there has been intervention from both the Financial Conduct Authority on travel insurance and the Cabinet Office on protection insurance. Now BIBA has formed a multi-sector Access to Insurance Committee to drive forward progress.
Posted on Friday Jul 31

Dive In registration to rocket helped by UK female astronaut

Registration for the insurance industry’s well-established festival for Diversity and Inclusion, Dive In, opens today at midday via diveinfestival.com. Thanks to its new virtual format, participants globally will now be able to attend any one of over 90 virtual events taking place in over 30 countries from the 22-24 September. Each event in the three-day virtual festival have a capacity of up to 600, making it the most accessible festival for diversity and inclusion in the world.
Posted on Thursday Jul 30

New hurricane tracking system unveiled

With the National Oceanic and Atmospheric Administration (NOAA) warning 2020 will see “above-normal” hurricane activity, Skytek, in collaboration with Aon plc, has responded to the needs of marine (re)insurance companies with a new hurricane tracking system, enabling them to evaluate and aggregate at risk cargo, hull and offshore assets in relation to the 'cone' of a storm.
Posted on Thursday Jul 30

Claims caused by respiratory problems double that of 2019

The percentage of life insurance claims caused by respiratory conditions (16%) are double the number in 2019 (7%). Aegon reports that 95% of individual critical illness (CI) claims were paid in the first half of 2020, a slight increase in the level of CI claims that were paid for the whole of 2019 (94%).
Posted on Wednesday Jul 29

Prediction of significant rise in dentistry benefits

With dentists across the UK beginning to open their doors to patients, a significant backlog of people needing dental treatment as a result of the pandemic, and costs of treatment likely to increase - offering access to dental care is set to become one of the most popular health and wellbeing benefits, predicts Towergate Health & Protection.
Posted on Wednesday Jul 29

COVID19 will drive demand for bike insurance in cities

Bicycle insurance is not a popular product in the UK. Less than 1% of UK consumers have a bike insurance policy, according to GlobalData’s 2019 UK Insurance Consumer Survey. However, bicycle sales surged during the pandemic, which has now presented an opportunity for insurers who are yet to capitalize on this expanding market.
Posted on Tuesday Jul 28

Insurer expects to see summer spike in car accidents abroad

Lorna Connelly, Head of Claims at Admiral, said “As travel restrictions continue to ease, we expect to see a rise in the number of people deciding to drive to Europe in the coming weeks instead of flying this year.
Posted on Thursday Jul 23

Almost half of people do not report coronavirus scams

New research from The Aviva Fraud Report - investigates fraud and financial scams relating to pensions, savings, investments and insurance – found 1 in 5 (22%) of those surveyed report having been targeted by suspicious communications (e.g. emails, texts and phone calls) which mentioned coronavirus – which equates to 11.7 million people in the UK.
Posted on Thursday Jul 23

Global economy absorbs USD75bn disaster loss first half 2020

Aon launches its Global Catastrophe Recap: First Half of 2020 report, which evaluates the impact of natural disaster events that occurred worldwide in the first six months of the year.
Posted on Thursday Jul 23

Travel insurers start to incorporate COVID19 cover

Findings from GlobalData’s 2019 UK Insurance Consumer Survey indicate that the most common reason for claiming on travel insurance was for costs related to medical expenses, with 30% of individuals who made a claim stating this reason. Given that some providers have started to offer policies to new customers again, and in some cases providing elements of protection for costs relating to COVID-19 medical treatment, prospective travelers will feel somewhat at ease knowing they are covered.
Posted on Tuesday Jul 21

Calls for the promotion of balcony barbecues to be banned

With the UK summer well underway, new data released today by UK insurer Zurich reveals that just four balcony fires in 2019 caused almost £9m worth of damage as the fires spread to neighbouring flats or entire buildings in some cases. The insurer warns that the majority of balcony fires start as a result of careless use of BBQs or discarded smoking materials.
Posted on Thursday Jul 16

COVID19 uncertainty clouds future claims and pricing trends

Comprehensive car insurance premiums have fallen by 5% (£39) in the second quarter of 2020, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson.
Posted on Thursday Jul 16

Motorists warned to prepare for escalating car crime

With figures published by the RAC Insurance confirming a 56% leap in vehicle thefts over four years[i], stolen vehicle recovery (SVR) expert Tracker is warning drivers that the figures could be significantly higher for 2020. New car production ground to a hold as a result of the global epidemic, causing delays to the supply chain and creating a shortage of spare parts. A pent-up demand for both new cars and parts is likely to increase values and boost trade for criminals stealing to fill the gap.
Posted on Wednesday Jul 15

BIBA renews Marmalades young driver Telematics scheme

The British Insurance Brokers’ Association (BIBA) has renewed its member Young Driver Telematics scheme with young driver specialist Marmalade.
Posted on Tuesday Jul 14

More UK adults can set up a smart phone than bleed radiators

UK adults are more likely to know how to set up a social media account than unblock a sink, bleed a radiator or put up a shelf, an Aviva survey reveals.
Posted on Tuesday Jul 14

Insurers face headwinds on mid year renewals

Aon has launched the June/July edition of its Reinsurance Market Outlook report, which provides comprehensive analyses of the key market dynamics of the renewals period, including the impact of COVID-19.
Posted on Tuesday Jul 14

Initiative working for outcomes for long standing customers

?The industry initiative to help improve outcomes for long-standing customers launched two years ago is having a positive impact according to the review of its implementation published today by the ABI (Association of British Insurers)
Posted on Monday Jul 13