General Insurance Article

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Car insurance premiums fall by 17 percent in last 12 months

Motorists are now on average paying £777, which is £164 less than one year ago, with easing claims inflation and frequency contributing to this trend.
Posted on Monday Mar 24

Insurance Premium Tax hits new record with 1 month to go

According to this morning’s HMRC data, Insurance Premium Tax (“IPT”) receipts stood at £1.3 billion in February 2025, bringing the 11-month total for the 2024/25 financial year to £8.8 billion. In the full 2023/24 financial year, IPT raised £8.1 billion so the tax has already registered a record annual haul with one month of receipts still to be counted.
Posted on Friday Mar 21

Landmark 2GW operational solar capacity achieved

Schroders Greencoat, the specialist renewables manager of Schroders Capital, announces the significant milestone of surpassing 2GW in operational ground mount solar capacity in the UK, equivalent to powering around 730,000 homes per annum. Whilst also contributing to the UK’s clean energy goals, this landmark achievement helps provide resilient cashflows for underlying institutional, LGPS, Defined Contribution and wealth investors.
Posted on Thursday Mar 20

European Energy Transition

New analysis by LCP Delta reveals that the ongoing buildout of grid scale renewable generation will be accompanied by a surge in household electrification across major economies in Europe. This system will see high and sustained levels of power market volatility and growing distribution network congestion, meaning that rapid growth in flexibility, through both the shifting of demand and via the deployment of grid-scale energy storage, will be critical for a successful transition.

Posted on Thursday Mar 20

Call for MGA specific regulation gains broker support

A recent survey of insurance brokers has revealed strong backing for the establishment of a dedicated regulatory framework for MGAs, with 68% agreeing that the Financial Conduct Authority (FCA) should regulate MGAs separately from insurers and brokers. Furthermore, 67% of brokers indicated they would be more inclined to work with MGAs if such a framework were introduced.
Posted on Monday Mar 17

Update on the FCAs enforcement transparency proposals

Reaction from the Association of British Insurers (ABI) to the FCA’s latest update on enforcement proposals and its joint update with the PRA on diversity and inclusion .
Posted on Thursday Mar 13

APAC reinsurance market to surpass USD68 billion in 2029

The Asia-Pacific (APAC) reinsurance market is projected to grow at a compound annual growth rate (CAGR) of 4.8% from an estimated $54.0 billion in 2024 to $68.4 billion in 2029, in terms of reinsurance accepted premiums, driven by stable pricing and increased demand for catastrophe coverage, according to GlobalData, a leading data and analytics company.
Posted on Wednesday Mar 12

GBP100k claim dismissed as fraudster lied about injuries

Allianz UK and DWF Law LLP have successfully resolved a personal injury claim involving claimant Jennifer Parker, of Swadlincote in Derbyshire, which has resulted in significant savings for the insurer. The claim, valued in excess of £100,000, was struck out by the court after it was determined that the claimant had been fundamentally dishonest in her allegations.
Posted on Wednesday Mar 12

SolvencyII new rules on sustainability must be proportionate

Insurance Europe has responded to a EIOPA consultation on Regulatory Technical Standards (RTS) on the management of sustainability risks under the Solvency II framework.
Posted on Wednesday Mar 12

Most Ransomware incidents start with compromised VPN devices

Coalition have published its Cyber Threat Index 2025, detailing insights on cybersecurity trends from 2024 and emerging threats businesses should be aware of in 2025. According to the report, most ransomware claims in 2024 started with threat actors compromising perimeter security appliances (58%), like virtual private networks (VPNs) or firewalls. Remote desktop products were second-most (18%) exploited for ransomware attacks.
Posted on Tuesday Mar 11

Phone thefts rise with over 1000 stolen each week in London

More than 70,000 phones were stolen in London in 2024 – a 34% increase from the previous year. Phone thefts in the capital have risen by 244% from 2020. As new smartphones can cost over £1,000, the crime could cost Londoners a combined £70 million if they replace stolen phones with the latest models
Posted on Monday Mar 10

Pool Re launch consultation on terrorist coverage

Pool Re, Britain’s government-backed terrorism reinsurer, has recently launched a market consultation to explore the reintegration of terrorism cover as a standard feature within commercial property insurance for SMEs.
Posted on Monday Mar 10

Comments on FCAs vulnerable customer research

Standard Life and Simplify Consulting comment on the FCAs vulnerable customer research
Posted on Friday Mar 7

Vulnerable customers urged to open up for the right support

Just 4 in 10 vulnerable customers say they have disclosed their needs to their financial services provider, new research commissioned by the FCA shows.
Posted on Friday Mar 7

Only a quarter of top insurers are truly digititized

ACORD, the standards-setting body for the global insurance industry, today released the 2025 edition of its annual ACORD Insurance Digital Maturity Study. The report analyzed 210 of the world’s largest insurance carriers across all major lines of business, including property and casualty, life, and reinsurance.
Posted on Thursday Mar 6

Disaster risk awareness measures

Insurance Europe has responded to a European Insurance and Occupational Pensions Authority (EIOPA) proposal to launch an EU-wide risk awareness and prevention measures tool that would enhance homeowners’ understanding of the impact of climate change on their properties. Insurance Europe supports efforts to improve risk mitigation and urges EIOPA to leverage existing national tools.
Posted on Tuesday Mar 4

10 year vision for prosperous households and businesses

The risks of tomorrow are ever-changing. Responding to this and boosting resilience for the millions of customers who depend on insurance and retirement products requires adaptation, collaboration and innovation. As the ABI – the voice of the UK’s insurance and long-term savings industry – marks the milestone of its 40th anniversary, we commissioned WPI Economics to look at the sector’s role over the next ten years ahead.
Posted on Thursday Feb 27

New law means the net closes in on tech savvy car thieves

Tracker Network U.K., welcomes the news that sophisticated, ready-available electronic devices frequently used by criminals to steal cars will be banned under new laws in England and Wales. The Crime and Policing Bill[i] will be introduced in Parliament this week in a bid to crack down on antisocial and criminal activities, including vehicle theft.
Posted on Wednesday Feb 26

Trumps tariffs threaten profitability of insurers

On 1 February 2025, US President Donald Trump signed three executive orders to impose tariffs on imports from Canada, Mexico, and China. In retaliation, Canada announced it would impose a 25% tariff on CAD155 billion ($117.8 billion) worth of US goods.
Posted on Tuesday Feb 25

FCA finds majority of ongoing suitability reviews delivered

The FCA has found that financial advisers are delivering suitability reviews in the vast majority of cases included in its review of ongoing advice.
Posted on Monday Feb 24

IPT receipts for 2024 to 2025 hits over GB7bn in January

According to this morning’s HMRC data, Insurance Premium Tax (“IPT”) receipts stood at £853 million in January 2025, bringing the 10-month total for the 2024/25 financial year to a record £7.6 billion. The latest January tax haul stands at almost double the January 2024 total of £439 million and marks a 16% increase on the 10-month total of the prior tax year (£6.5 billion).
Posted on Friday Feb 21

Unlocking the potential of IFRS17 insights and opportunities

As mentioned in part one of this blog series, IFRS 17 has reshaped financial reporting for insurance contracts since its implementation on 1 January 2023. Part two of this series explores the impact of IFRS 17 on non-listed entities.
Posted on Thursday Feb 20

Lack of expertise main barrier to AI adoption in insurance

A lack of expertise within insurance companies is the biggest challenge to implementing artificial intelligence (AI) technology. As AI has the potential to transform the insurance industry, insurers must prioritize talent acquisition and upskilling efforts to build the necessary expertise for AI integration, according to a recent poll by GlobalData.
Posted on Wednesday Feb 19

Quoted car insurance premiums falling at a record rate

Average quoted premiums drop by 6.0% in past three months – the biggest fall on record – and by 8.8% in the past year. In January, motorists most commonly received a quote between £250 and £499, Consumer Intelligence data shows.
Posted on Tuesday Feb 18

2024 year end review for non life insurance run off deals

PwC has just published its 2024 year-end review of non-life insurance run-off deals, which provides an overview of transaction activity and a list of publicly announced deals in 2024.
Posted on Wednesday Feb 12