General Insurance Article

Search Results Page 1 of 192.

1 2 3 4 5 6 7 8 9 10 11 12 Next Last

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

More robust flood defence planning vital

With new data suggesting that over 100 000 new homes could be built in flood-prone areas in the next five years, Swiss Re’s CEO P&C Reinsurance for UK & Ireland, Jason Richards, urges the government to carefully plan physical adaptation measures to keep people safe and safeguard the economy.

Posted on Wednesday Feb 12

Directors and Officers insurance landscape shifts

GILC report shows increasing threat of personal liability for ESG failures and growing regulatory burden among major areas of concern for D&Os
Posted on Monday Feb 10

FCA steps up action against misleading financial adverts

Nearly 20,000 financial promotions were withdrawn or amended in 2024 following intervention from the FCA - nearly double the amount in 2023.
Posted on Friday Feb 7

Insurer detects GBP157m worth of fraud

Leading insurer Allianz UK uncovered 33,027 instances of insurance fraud worth a total of £157.24m in 2024 – equivalent to 90 frauds worth £430,000 a day, and up 10% on the £142.38m figure for 2023.
Posted on Thursday Feb 6

Pet Insurance Pricing in 2024 saw sharp contrasts

The latest Pet Insurance Pricing Index from Pearson Ham Group for Q4 2024 highlights a year of mixed pricing trends in the pet insurance market. While Lifetime cover - the most popular type of pet insurance - saw premiums drop by -4.1% in the final quarter, this decline was largely driven by a sharp -4.5% decrease in November. In contrast, October and December saw little change.
Posted on Wednesday Feb 5

Technology set to play pivotal role transforming insurance

Lloyd's of London has been at the heart of the global insurance market since the 1600s, though too often the weight of that tradition has acted as an anchor for genuine change and innovation, rather than a catalyst. Fortunately, there are strong signs that times are changing.
Posted on Tuesday Feb 4

Advice for those affected by Storm Eowyn

The Association of British Insurers (ABI) is reassuring homeowners and businesses impacted by Storm Eowyn that their insurers will be ready to help and support them.
Posted on Monday Jan 27

Quoted home insurance rose over 10 percent in the past year

Quoted premiums are down 2.2% in the past three months. Quoted prices rise the most in Scotland at 14.9% and the least in the West Midlands at 4.0%.
Posted on Friday Jan 24

Estimated losses for Palisades and Eaton fires up to USD35bn

Verisk Estimates Industry Insured Losses for the Palisades and Eaton Fires Will Fall Between USD 28 Billion and USD 35 Billion. This estimate includes losses due to fire and is inclusive of losses to the California Fair Plan
Posted on Thursday Jan 23

Top 10 Cyber Incidents of 2024

Tokio Marine HCC International’s fifth annual Top 10 Cyber Incidents report highlights the CrowdStrike outage as one of the most significant cyber incidents of the year. Weaknesses in widely used cloud platforms and enterprise software solutions proved a highly significant factor throughout 2024, linked to 70% of the incidents on the list. The report also highlights the systemic risk posed by the ongoing consolidation of cloud service providers, a market now dominated by Amazon and Microsoft, which possess a combined 62% market share
Posted on Thursday Jan 23

Climate Risk insurability is key to economic resilience

Annual report reveals 60 percent of economic damage caused by catastrophes in 2024 was uninsured. Insured losses reached $145 billion globally – the sixth costliest year on record.
Posted on Thursday Jan 23

Japan insurance industry to surpass USD470 billion by 2029

Japan's insurance industry is projected to grow at a compound annual growth rate (CAGR) of 3.9% from JPY54.3 trillion ($386.7 billion) in 2025 to JPY63.4 trillion ($470.3 billion) by 2029, according to GlobalData
Posted on Wednesday Jan 22

LA wildfires expose insurance crisis

Following the recent devastation caused by wildfires in Los Angeles, which have resulted in billions of dollars in damage; Ben Carey-Evans, Senior Insurance Analyst at GlobalData, said:
Posted on Tuesday Jan 21

LIIBA publish their 2025 agenda

A groundbreaking project to quantify the monetary value of London’s brokers to the global economy is at the centre of LIIBA’s newly published agenda for 2025.
Posted on Monday Jan 20

Current climate policies risk catastrophic impacts

The global economy could face a 50% loss in GDP between 2070 and 2090 unless immediate policy action on risks posed by the climate crisis is taken, warns a new report by the Institute and Faculty of Actuaries (IFoA).
Posted on Thursday Jan 16

Car insurance records biggest annual fall in over 10 years

Comprehensive car insurance premiums have decreased by 16% (£161) during the last 12 months. UK motorists are now paying £834 on average, according to the latest Confused.com Car Insurance Price Index in association with WTW
Posted on Thursday Jan 16

LMA to focus on growing Lloyds US presence in 2025

Sheila Cameron, CEO of the LMA has today announced a new focus on the North American market for the LMA’s activities. Describing the rationale for this , she said: “The North American market has for many decades been critical to premium volumes and profitability for the Lloyd’s market.
Posted on Wednesday Jan 15

2025 floods to sink insurers if poor communication continues

Drowning in claims: Insurance industry must address communication gaps, or the cost of flooding will keep rising, Quadient warns. Outdated communication leaves homeowners unprepared, driving up damage and payouts amid the UK flooding crisis
Posted on Wednesday Jan 15

Cost of living crisis as 63 million struggle to cope

91% of the UK are still being impacted by the cost of living crisis. 44% feel even more financial stress than last year. A third are struggling to cover essential expenses like rent, mortgage and utilities.
Posted on Wednesday Jan 15

2025 Cyber Insurance landscape predictions

CyberCube, the global leader in cyber risk analytics, has released its highly anticipated 2025 Predictions Report, offering expert insights into the evolving dynamics of the cyber (re)insurance market.
Posted on Tuesday Jan 14