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Scammer sentenced after selling fake motor insurance

A man has been sentenced to 12-months imprisonment, suspended for 12 months, with a requirement to complete 150 hours of unpaid work, after selling two fraudulent motor insurance policies to unsuspecting members of the public and then using their details to attempt to file fraudulent claims against them.
Posted on Monday Jun 9

SMEs focus on credit to pay insurance premiums

54% of SMEs use credit to fund insurance premiums and the average amount borrowed is almost 10% higher than last year, Premium Credit research shows. More than a quarter have cut levels of insurance cover in the past year with nearly one in five of them cancelling at least one policy and not replacing it.

Posted on Wednesday Jun 4

Fall in quoted car insurance premiums could be slowing down

Average quoted premiums drop by 10.8% in the past 12 months but rose slightly month-on-month in April. In April, motorists most commonly received a quote between £250 and £499, Consumer Intelligence data shows.
Posted on Tuesday Jun 3

Concerns over weak passwords enabling cyber criminals

Weak passwords can leave people exposed to security breaches and a recent survey has shown that very obvious passwords are still being widely used. Once hackers gain unauthorised access by identifying easy to crack passwords, they can steal sensitive information and use it to perform malicious activities, including identity theft, reputational damage and serious financial loss for individuals and the companies for whom they work.
Posted on Tuesday Jun 3

Consumers risk under insuring if they cannot pay monthly

One in four consumers will take out cheaper insurance policies or reduce cover if they do not have the option to pay monthly, Premium Credit’s Insurance Index shows. One in eight expect to cancel insurance cover they need over the next two years.
Posted on Thursday May 29

Time for Europe to harness the full potential of insurance

Statement published ahead of the 15th International Conference by Frédéric de Courtois, president of Insurance Europe, Alexander Sarrigeorgiou, vice-president of Insurance Europe and Thea Utoft Høj Jensen, director general of Insurance Europe.
Posted on Thursday May 29

More uncertain times driving positive vibe for insurance

The UK saw a 7 percent growth year on year in customers believing that insurers understand them and value their products and service. Guidewire has released the latest edition of its annual study of insurance customers in Europe, revealing their attitudes towards insurers and insurance innovation.
Posted on Wednesday May 28

Insurance payouts for pawly pets top GBP1bn for third year

Pet insurance pay-outs by ABI members topped £1 billion for the third consecutive year in 2024, helping households cover the cost of veterinary treatment for unwell and injured animals. This is according to the latest data from the ABI.
Posted on Tuesday May 27

FCA sets out proposals to simplify firm complaints

The FCA has set out proposals to improve and streamline the way in which firms report customer complaints to the regulator.
Posted on Friday May 23

FSCS expects to pay GBP38m less in compensation to consumers

The Financial Services Compensation Scheme (FSCS) has today lowered its annual levy expectation for 2025/26 to £356m – this is £36m lower than its forecast in November.
Posted on Friday May 23

Record numbers shopped and switched car insurance in 2024

More U.K. consumers shopped around for a better deal on their motor insurance in 2024 than at any point in the previous two years. This is according to the LexisNexis® Insurance Demand Meter U.K. for H2 2024 – a new analysis of the motor insurance industry’s shopping and switching trends from LexisNexis® Risk Solutions
Posted on Thursday May 22

IPT kicks off 2025 to 2026 tax year with record monthly high

According HMRC data, Insurance Premium Tax (IPT) receipts hit £648 million in April 2025 – kicking off the start of the new tax year at a record high.

Posted on Thursday May 22

Study proves driving data slashes motor insurance loss ratio

Angelica Solutions and Howden Driving Data (HDD) deliver definitive, actuarial-grade proof that driving behaviour predicts claims risk, outperforming traditional pricing models
Posted on Wednesday May 21

Car and Home insurance premiums decreases slow down in April

The latest General Insurance Price Index from Pearson Ham Group reveals a continued decline in motor insurance premiums through April 2025 but there are signs that the rate of reduction is easing.

Posted on Tuesday May 20

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