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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 Outdated communication leaves homeowners unprepared, driving up damage and payouts amid the UK flooding crisis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

LMAs new framework for under modelled cyber exposures

A new report has been published by the Lloyd’s Market Association (LMA) setting out a framework for Lloyd’s insurers to consider using when managing their exposure to lesser-known systemic cyber risks.
Posted on Monday Jan 13

Southern California wildfires among Top 5 most destructive

The wildfire threat continues for the Los Angeles Metro area and surroundings, with one new wildfire recently developing that threatens the San Fernando Valley.
Posted on Monday Jan 13

Car insurance year end reductions as home insurance holds

The latest General Insurance Price Index from Pearson Ham Group for Q4 2024 highlights a sharp decline in motor insurance premiums.
Posted on Thursday Jan 9

Lloyds Market Association announces 2025 priorities

The Lloyd’s Market Association (LMA) has today announced its 2025 priorities. Reinforcing its purpose to maintain the Lloyd’s market’s position at the forefront of global insurance, the LMA board has outlined that its priorities for the year ahead will include both Blueprint Two and data standards within digitisation; regulatory advocacy in the UK, EU and US; as well as culture and early talent.
Posted on Thursday Jan 9

Insurance advice on staying safe in cold weather

With cold weather on its way and an amber warning in force across the weekend, the Association of British Insurers (ABI) is sharing advice with customers to stay safe and protect their homes in cold weather.
Posted on Monday Jan 6

One in six recent divorces delayed due to money struggles

To mark Divorce Day (6th January), Legal & General has revealed that one in six recent divorces (280,000 -17%) were delayed for financial reasons. Divorce hits hard: annual incomes drop by an average of £9,000 in the first year after a separation. 40% of divorcees believe the process is financially unfair, yet only 7% seek financial advice. Nearly 900,000 divorced people in the UK have forgotten to update their will to exclude a former flame.
Posted on Monday Jan 6

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