General Insurance Article

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Home insurance prices drop by largest amount since 2018

The average cost of home insurance has dropped by the largest amount in a single quarter since 2018, according to research by MoneySuperMarket.
Posted on Friday Jan 22

PwC predict insurances losses will be less than Storm Ciara

Mohammad Khan, General Insurance Leader at PwC UK comments on the predicted insurance losses due to widespread flooding across England and Wales.
Posted on Friday Jan 22

Mine to test insurers commitment to climate promises

Nigel Brook, Partner, Clyde & Co comments on the the government’s decision yesterday not to block a new coal mine in Cumbria - the Woodhouse mine – is likely to prove controversial for a number of reasons.
Posted on Thursday Jan 21

Businesses increasingly concerned about reputational risk

In its 2020 Reputational Risk Survey published late last year, Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, revealed that 86 percent of clients are concerned about loss of income and a reduced customer base due to reputational risk.
Posted on Thursday Jan 21

Move to renewable energy is driving the change in industry

As the sector expands, risk managers must respond to an evolving risk landscape prompted by climate change - the key theme of Willis Towers Watson’s annual Renewable Energy Market Review
Posted on Tuesday Jan 19

Profits from squeezed motorists rise as lockdowns drag on

James Blackham, CEO of UK’s only pay-by-mile car insurance provider By Miles, renews refunds call as insurers’ profits rise
Posted on Monday Jan 18

Concerns over worsening prospects for financial wellbeing

Aegon research tracking attitudes towards health and wealth every month throughout the pandemic shows adults expect their financial wellbeing to worsen throughout the course of 2021, lagging behind any optimism of improvements to other wellbeing indicators such as mental, social and physical wellbeing once the vaccination is successfully rolled out.
Posted on Monday Jan 18

FCA BI case lifts veil on the markets systemic flaws

Mactavish, an outsourced insurance buyer and claims resolution firm, claims that the Covid-19 crisis has revealed some of the systemic flaws in an insurance market that is no longer fit for purpose. It says that many businesses bought cover – under business interruption and other policies – that they believed would protect them from precisely the sort of severe, once in a lifetime event that we see unfolding around us today. Unfortunately, insurers have not played much of a role at all in the crisis, and many are still doing everything possible to avoid paying out.
Posted on Monday Jan 18

Blue Monday a stark reminder for employers on mental health

Ron Wheatcroft, Technical Manager, L&H UKI, Swiss Re, says: “Days like Blue Monday – otherwise known as the most depressing day of the year – undoubtedly highlight the extent to which the current prolonged environment of social isolation and economic uncertainty has potentially exacerbated people's mental health. Quite rightly, it may also act as a trigger for companies to consider their responsibility in supporting staff’s wellbeing through this difficult time.
Posted on Friday Jan 15

What will a holiday break look like in 2021

The vaccination roll-out is steadily sweeping the UK, with nearly 3 million people receiving their first dose. As a result, reports in the press have suggested that there is a strong appetite among over-50s to plan ahead and get ready to fly off on a well-deserved break once the current travel restrictions have lifted.
Posted on Friday Jan 15

Covid sparks fall in burglary claims

The Birmingham postcode B5 is once again Britain’s top burglary claims hotspot, according to MoneySuperMarket’s annual burglary claims tool.
Posted on Thursday Jan 14

Banking and Insurance should unite to mitigate risk

Aon has interviewed Barclays’ Managing Director of Group Insurance, Farhad Jamooji, as part of its Virtual Reinsurance Renewal Season fireside chats.
Posted on Thursday Jan 14

SunLifes cost of dying report

With the COVID-19 pandemic affecting every walk of life in 2020, we knew that 2021’s Cost of Dying report was going to be a little different.
Posted on Tuesday Jan 12

What medical cover are UK travellers entitled to post Brexit

Since the UK’s Brexit transition period officially ended on 1 January and the UK-EU Trade and Cooperation Agreement took force, rules and regulations are changing for travellers heading into Europe. However, travel into Europe will only begin again once the present lockdown restrictions are finally lifted.
Posted on Monday Jan 11

Parametric Solutions are the next cool thing for insurance

AON has interviewed the Global Director of Risk Management of Mars Incorporated, Christopher de Wolfe, as part of its Virtual Reinsurance Renewal Season fireside chats.
Posted on Monday Jan 11

FCA publishes coronavirus financial resilience survey data

The Financial Conduct Authority (FCA) has today published the results of its coronavirus (Covid-19) financial resilience surveys. The surveys were sent to solo-regulated firms to inform the FCA of the impact of coronavirus on firms’ financial resilience.
Posted on Thursday Jan 7

59 percent of insurers upping digital transformation spend

2020 was a year that no one forgets, with Covid-19 forcing disruption on every business, industry and person on the planet. The insurance industry has received one of the most significant blows due to the losses associated with pay-outs relating to the pandemic. The Lloyd's of London insurance market forecast has estimated that the coronavirus could cost the global insurance industry $203B. As things start to settle in 2021, we expect the industry will continue to change and adapt to the New Normal.
Posted on Wednesday Jan 6

Trust in the insurance industry to hit rock bottom this year

Max Carter, CEO of New Dawn Risk, has made the following prediction as we enter 2021 (and a new lockdown)
Posted on Tuesday Jan 5

Reason and logic govern firming reinsurance landscape

Despite the impact of COVID-19 both on working conditions and exposures – and with discussions of the latter largely deferred until after 1 January treaty renewals - reinsurers have largely arrested the persistent downward trends which characterised recent years.
Posted on Monday Jan 4

Aviva reveal a selection of more unusual insurance claims

From phones dropped in custard, to cars pelted by potatoes, to deer in swimming pools, Aviva’s claims handlers have seen it all. The insurer reveals some of the more unusual claims settled for its UK general insurance customers. The accounts of these incidents have been released to coincide with a new TV advertising campaign which launched on Boxing Day.
Posted on Monday Jan 4

Trade credit insurance scheme extended until 30th June 2021

The UK Government has agreed with leading trade credit insurers to extend the Trade Credit Reinsurance Scheme until June 2021. The objective of the 2021 scheme is to continue to support UK businesses affected by the coronavirus pandemic and to aid economic recovery by providing targeted support via trade credit insurers.
Posted on Monday Jan 4

Access to financial products denied during pandemic

New research by Royal London reveals that the pandemic has adversely affected consumers’ ability to access basic financial products. As our figures show, taking out personal loans, credit cards and overdrafts has become more difficult, and many people are turning to the benefits system, often for the first time.
Posted on Tuesday Dec 29

The impact of the Brexit deal on financial services firms

Omar Ali, UK Financial Services Leader at EY, comments: “After four testing years of negotiations, financial services firms will be relieved that a deal has finally been reached ahead of the transition period deadline. As expected, there is little relating directly to financial services firms in the deal, but tariff-free cross border trade in the real economy from 1 January 2021 is really important for their SME and corporate clients.
Posted on Tuesday Dec 29

COVID19 drives car insurance premiums down

Drivers across the UK have benefited from a drop in the cost of motor insurance over the last six months, thanks to reduced claims volumes. Premiums are down 2.5% over the period, with the average now sitting at £816.
Posted on Wednesday Dec 23

Outdated Green Card may have severe consequences for drivers

James Blackham from By Miles is arguing for a system where drivers can download a digital Green Card to their phones and warns that the unnecessarily complex process risks drivers incurring fines or even seeing their vehicle impounded.
Posted on Tuesday Dec 22