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Call for greater clarity on EIOPAs opinion on AI

Insurance Europe has shared its views on the European Insurance and Occupational Pensions Authority (EIOPA)’s draft Opinion on Artificial Intelligence (AI) governance and risk management in the insurance sector.
Posted on Friday May 16

AI and ML in Actuarial and Risk report

The LMA has published the findings of a survey on artificial intelligence (AI) and machine learning (ML) use in actuarial and risk, conducted in partnership with Barnett Waddingham.
Posted on Thursday May 15

Quarterly motor claims hit record high

Motor insurers paid out £3.2 billion in car insurance claims during the first quarter of the year, the highest quarterly payout since records began in 2013, according to the latest data from the ABI.
Posted on Thursday May 15

Insurers need to adopt TIC instead of APR to manage risk

Insurers need to adopt Total Instalment Costs (TIC) instead of APR to manage risk and competitiveness as home and motor customers increasingly pay monthly, a new report from Consumer Intelligence says.
Posted on Thursday May 15

Consumers increasingly switch to credit to fund insurance

Premium Credit’s Insurance Index shows 76% of adults use some form of credit to pay for one or more insurance policies. Customers are borrowing 33% more than last year to pay for insurance. Research shows big increases in the use of credit by car and home insurance customers opting to pay monthly to help spread the cost
Posted on Wednesday May 14

Insurers must resolve problems to sell to younger generation

Insurers targeting younger generations face longstanding industry issues of a lack of understanding and a lack of consumer trust. While quicker fixes such as social media strategies and more flexible products may help somewhat, they would only appeal to a small proportion, so the more long-term issues need to be addressed to reach these generations, according to GlobalData.
Posted on Tuesday May 13

Judge orders Croydon moped rider to pay GBP25k

A moped driver has been ordered to pay £25,000 by Croydon County Court, after dashcam footage revealed that a personal injury claim made following a road traffic accident was false and fundamentally dishonest.
Posted on Friday May 9

Cyber claims report finds Ransomware stable but still costly

Coalition has published its 2025 Cyber Claims Report, which details emerging cyber trends and their impact on Coalition policyholders throughout the full year of 2024. The report found that ransomware claims stabilized in 2024 despite remaining the most costly and disruptive type of cyberattack. The majority of 2024 claims (60%) originated from business email compromise (BEC) and funds transfer fraud (FTF) incidents, with 29% of BEC events resulting in FTF.
Posted on Thursday May 8

Funding for flood defences crucial as claims top GBP200m

Between January and April this year, claims for weather-related damage to people’s homes and possessions topped £200 million for the first time ever. Payouts surpassed the previous quarterly record from Q1 2022 by £67million.
Posted on Thursday May 8

Cyber insurance claims decrease by 20 percent in 2024

According to new research by Marsh, UK cyber claims decreased by 20% in 2024 following a spike in 2023 but remained approximately one-third higher than 2020, 2021, and 2022.
Posted on Wednesday May 7

Over 7m policies risk invalidation from this key requirement

Millions of home insurance policies could become invalid due to Brits delaying property maintenance. Two-fifths (41%) don’t realise that putting off maintenance work can void home insurance. 2.9 million policyholders are unaware that their cover is at risk due to delaying maintenance.
Posted on Tuesday May 6

US insurers leading the AI arms race

New research from leading Insurtech provider, hyperexponential (hx), reveals that while insurers are energised by the potential of artificial intelligence (AI), stark differences are emerging between UK and US markets, with US insurers pulling ahead in confidence, investment, and strategy execution.
Posted on Wednesday Apr 30

FCA set to launch live AI testing service

The FCA is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI, which will benefit UK consumers and markets.
Posted on Tuesday Apr 29

Hurricanes and earthquakes could lead to USD300bn losses

Following the long-term annual growth trend of 5–7%, global insured natural catastrophe losses may reach USD 145 billion in 2025, mainly driven by secondary perils like severe thunderstorms, floods and wildfires. Primary perils like hurricanes and earthquakes pose biggest risks, potentially driving insured losses to USD 300 billion or more in a peak year, according to Swiss Re Institute analysis. Reinsurers pivotal for peak years and well capitalised to absorb large shocks with estimated global capital of USD 500 billion.
Posted on Tuesday Apr 29

Over one third of London market firms now actively using AI

The Lloyd’s Market Association (LMA) has hosted a seminar on the use of AI within the London specialty market. The seminar referenced results from a recent survey completed by 81 firms in the London market, including 45 Lloyd’s managing agents.
Posted on Friday Apr 25

Insurance Development Forum Publishes 2024 in Review

The Insurance Development Forum (IDF) today announces the publication of its 2024 Annual Review, which is now Available to download
Posted on Thursday Apr 24

UK general insurance industry to hit USD149 billion by 2029

The UK general insurance industry is projected to grow at a compound annual growth rate (CAGR) of 5.0% from GBP92.9 billion ($119.7 billion) in 2025 to GBP113.0 billion ($149.2 billion) in 2029, in terms of direct written premiums (DWP), according to GlobalData.
Posted on Thursday Apr 24

Rapid ageing world population will transform P&C insurance

Global dependency ratio set to rise by 2050 there will be 26 seniors for every 100 working-age people, up from 16 today. Aging population is a key trend in forecasted 4.4% CAGR for global commercial insurance lines, 3.3% for personal insurance lines. 88% of insurers recognize the importance of more tech-enabled underwriting, but only 17% say they have the right capabilities
Posted on Wednesday Apr 23

IPT windfall sets new annual high

According to the latest HMRC data, Insurance Premium Tax (IPT) receipts stood at £61 million in March 2025, bringing the full year total for the 2024/25 financial year to a record £8.88 billion, exceeding last year’s full year total of £8.15 billion by £737 million or 9%. A decade prior in the 2014/15 financial year saw annual receipts at a significantly lower £2.97 billion – marking a 200% rise to current levels. Moreover, receipts have risen by 38% since five years ago (2019/2020 financial year) from £6.42 billion – highlighting just how lucrative IPT has become for the Treasury.
Posted on Wednesday Apr 23

One in six drivers admit lying to cut their insurance bill

New research from The Green Insurer reveals that 16% of motorists admit to having stretched the truth or lying in order to reduce their car insurance premiums.
Posted on Tuesday Apr 22

Employers urged to revisit the basics of GIP services

Quantum Advisory is encouraging employers to go ‘back to basics’ with their Group Income Protection (GIP) arrangements - particularly when reviewing the additional support services often included as part of these schemes.
Posted on Thursday Apr 17

Embedded insurance a game changer for personal lines

Embedded insurance is rapidly emerging as the most promising distribution model for personal lines, outpacing traditional channels. By integrating coverage seamlessly at the point of sale, it enhances customer convenience and boosts conversion rates.
Posted on Wednesday Apr 16

Pet insurance premiums rise exceeding March 2024 levels

The latest Pet Insurance Pricing Index from pricing experts Pearson Ham Group shows a continued upward trend for Lifetime policies, the most popular type of cover among UK pet owners. Premiums rose by 0.6% in March 2025, marking a consistent month-on-month climb since November. Over the year, prices are now 1% higher than March 2024, reversing last year’s pattern of decline.
Posted on Wednesday Apr 9

Lloyds report strong performance and investor appeal

Insurance Capital Markets Research (ICMR) and the Lloyd’s Market Association (LMA) have released their 2nd annual report, the Lloyd’s 2025 Insights Report, providing a detailed analysis of Lloyd’s and syndicates’ 31/12/2024 year end results.
Posted on Tuesday Apr 8

Tariffs could have wide ranging implications for insurers

Comments following the announcement of sweeping global tariffs by President Trump earlier this week, from Elizabeth Wooliston (formerly Jenkin), Underwriting Director at the Lloyd’s Market Association:
Posted on Friday Apr 4