General Insurance Article

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Sleighing the risks by giving Santa the insurance he needs

While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From workshop mishaps to worldwide travel with a sleigh full of presents, it’s clear, as the big man in charge, there’s plenty to think about when it comes to insurance. After all, accidents can happen, even in the North Pole! But what policies might you need to keep your operations running smoothly as the jolly old man in red?
Posted on Tuesday Dec 17

Almost a third of homeowners have been victims of burglaries

Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-owned business also found that nearly one in eight (11%) homeowners in the UK say they feel that their home is less secure when dark evenings set in during the winter months. Meanwhile, vehicle keys and personal documents are the items Brits would most want to protect from theft.
So far in 2024, the provider has seen claims as high as almost £85,000 for theft from homes. Co-op Insurance is encouraging homeowners to take precautions to help keep their home secure this winter.
Posted on Monday Dec 16

Diversity improving in insurance and long term savings

Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and long-term savings providers to improve gender representation, ethnic minority representation and socio-economic diversity across the sector.
Posted on Monday Dec 16

Insurers turn to facultative reinsurance as a strategic tool

Facultative reinsurance is increasingly seen as a core element of risk management strategies; however, insurers may face significant barriers accessing capacity as supply continues to fluctuate with cyclical market forces according to the Facultative Reinsurance Report 2024 published by WTW
Posted on Thursday Dec 12

2025 as the year of the modern insurer

Emerging technologies and trust predicated to elevate carriers amid sector uncertainty, according to industry experts from SAS. As carriers continue to step back from markets at the mercy of climate change, the next generation of insurance professionals will step up to lead the industry forward.
Posted on Monday Dec 9

IFoA investigates role of actuaries in managing cyber risk

The Institute and Faculty of Actuaries (IFoA) has today published its latest thematic review, ‘Actuaries managing Cyber Risk’. The report provides an up-to-date picture of the areas of work where actuaries are involved with cyber risk.
Posted on Monday Dec 9

Black Box technology can save you money on car insurance

The rising cost of motor insurance – research reveals that UK insurers are leaving motorists in the dark regarding savings that can be made to their premium if they switch to using ‘black box’ technology onboard their vehicle
Posted on Wednesday Dec 4

25 dates for your diary in 2025

Sarah Coles, head of personal finance, Hargreaves Lansdown: “2024 was dominated by uncertainty, with the general election and the Budget of a thousand rumours. There are plenty of unknown quantities in 2025 too – not least the impact of the new resident of the White House. There are some things, however, we can brace ourselves for, and there are 25 dates affecting your personal finances that are worth watching in 2025.
Posted on Tuesday Dec 3

PI rates falling rapidly as new capacity enters market

56% of the market expected there to be zero increase in rates in 2024; however, recent months have seen rates dropping as incumbents face increasing competition from MGAs. 31% of respondents expect capital allocation to be the most important structural influence on the volume of PI business written in the UK over the next 12 months. 72% highlighted the use of artificial intelligence as a growing risk to business operations and services. 74% expect the severity of PI claims will continue to increase over the next 2 years
Posted on Tuesday Dec 3

Car insurance premiums to fall after change in PID rate

PwC expects motor insurance premiums in England and Wales to decrease - with drivers seeing an average saving of £50 (5%). Rate change should further intensify the competitiveness of the motor insurance market.
Posted on Monday Dec 2

Scrapping IPT would boost EV switch

Paul Baxter, CEO, The Green Insurer, said: “Scrapping or reducing Insurance Premium Tax on electric vehicles would be a straightforward way to help encourage drivers to make the switch from petrol or diesel cars.
Posted on Friday Nov 29

FCA seek further views on enforcement transparency proposals

The FCA has published the second phase of its consultation on proposals for a measured increase in transparency about its enforcement investigations, and set out plans for further engagement after significant concerns were raised in relation to the original consultation.
Posted on Thursday Nov 28

Insurance advice for those affected by Storm Bert

The Association of British Insurers (ABI) is reassuring homeowners and businesses impacted by Storm Bert that their insurers will be ready to help and support them. Damage caused by storms and flooding is covered by most standard home insurance and commercial business policies, and comprehensive motor insurance.
Posted on Wednesday Nov 27

Advice to ensure you do not get caught out in the cold

With many parts of the UK getting the first taste of winter recently, the Association of British Insurers (ABI) is sharing advice for people to avoid getting caught out in the cold.
Posted on Friday Nov 22

IPT receipts 14 percent higher than last years total

According to the latest HMRC data, Insurance Premium Tax (IPT) receipts reached £956 million in October 2024, bringing the seventh-month 2024/25 total to £5.5 billion.

Posted on Thursday Nov 21

Embracing data analytics to improve risk management

The insurance industry is embracing technological advancements to enhance risk assessment, fraud detection, and customer insights. Insurance data analytics plays an essential role in improving decision-making and optimizing risk management, leveraging predictive modeling and machine learning to support more personalized services and regulatory compliance.
Posted on Tuesday Nov 19

Claimant used staged imagery in falsifying claim

A South London moped driver has failed in his bid to falsely obtain more than £126,000 from Direct Line Group – and left with a £30,000 legal bill – after investigations by Clyde & Co identified photographs submitted as “evidence” by the claimant had clearly been staged.
Posted on Thursday Nov 14

One in five cars damaged by potholes has to be written off

Data from leading insurer Allianz reveals that one in five (21%) insurance claims where a vehicle hit a pothole leads to the vehicle being declared an insurance write-off. Biggest insurance claim paid was £53,000 for BMW 7 series wrecked on A-road.

Posted on Monday Nov 11

Protective flood measures more effective than rebuilding

Flood risk is set to increase due to climate change and urban sprawl. Economic benefits of flood adaptation measures can be up to ten times the costs of post-disaster rebuilding. Dykes can reduce flood damage by 60-90%, especially in densely populated regions.
Posted on Monday Nov 11

Ferrari insurance less than a Skodas

According to a new report from Bloomberg Intelligence (BI), Admiral, Direct Line and other UK auto insurers face an unrelenting margin squeeze, with 2% claims-costs inflation in the first nine months of the year and providers reporting high-single-digit claims rises. Auto-insurance premiums fell 13% since 2024 began, according to Confused.com. The median quote for a Ferrari is now 8% lower than for a Skoda.
Posted on Thursday Oct 31

Insurers role in EU Cyber Resilience

Insurance Europe has published an online publication today entitled “Insurers’ Role in EU Cyber Resilience’’. The publication outlines the crucial role the sector plays in enhancing cyber resilience, at a time when cyber threats are increasing in both frequency and severity.
Posted on Wednesday Oct 30

Comments on FCAs post Consumer Duty rulebook review

Aegon and Capco respond to the FCA’s Call for Input around changes to the rulebook post-Consumer Duty (which closes on Thursday 31st)
Posted on Tuesday Oct 29

4 key actions on Solvent Exit Planning ahead of PRA changes

PRA’s consultation on solvent exit planning closed in April 2024 with Policy Statement due in H2 2024 and implementation scheduled for Q4 2025. Leaves firms with around a year to prepare for the revised regime. Insurers should be getting ahead of game by reviewing requirements and seeking assurance of the Solvent Exit Analysis (SEA)
Posted on Friday Oct 25

The FCA and Practitioner Panel 2023 to 2024 survey findings

The FCA and the Practitioner Panel have published a report from our 2023/24 joint survey of FCA regulated firms.
Posted on Thursday Oct 24

Aiding the global economy transition to a sustainable future

Wide-ranging research commissioned by the LMA highlights the stress on the sector caused by climate change. Insurance is a critical enabler in the transition and without it businesses will struggle to achieve their carbon reduction goals.
Posted on Thursday Oct 24