Association of British Insurers (ABI)
Experts respond to FCA shelving ‘flagship initiatives’ on enforcement, D&I and non-financial misconduct
The Association of British Insurers has welcomed the Financial Conduct Authority’s decision not to push ahead with enforcement investigation publicity plans, also known as ‘name and shame’.
Insurance industry needs to improve communication on motor premium costs – Colm Holmes
At the Association of British Insurers Annual Conference today, Allianz UK CEO Colm Holmes claimed the insurance industry is doing a “poor job” of explaining the reasons for costs of premiums.
Ex-Aviva UK CEO named ABI president
The Association of British Insurers has appointed Andy Briggs, CEO of Phoenix Group, as president with immediate effect.
Weather-related domestic damage cost insurers £585m in 2024, says ABI
The Association of British Insurers has calculated insurers paid out a record £585m for weather related damage to people’s home and possessions in 2024.
Flood Re calls on government for £1bn flood defence spending
Flood Re has urged the government to spend at least £1bn a year to keep pace with changing climate risks and ensure the protection of homes and businesses in the UK from the devastation flooding brings.
FCA makes “significant changes” to ‘name and shame’ proposals
The Financial Conduct Authority is making four “significant changes” to its initial transparency proposals labelled ‘name and shame’.
Second quarter of motor premium falls in a row – ABI
The average motor insurance premium fell by 2% in July to September to £612, according to the latest data from the Association of British Insurers, the second consecutive quarterly drop.
People Moves: 4 – 8 November 2024
Keep up to date with the latest insurance industry personnel moves.
Biba welcomes decision to not use term ‘ghost broking’ in new Fraud Charter
The British Insurance Brokers’ Association has welcomed the replacement of term ghost broking with ‘illegal insurance firms’ in the new Home Office Insurance Fraud Charter published last week.
Home insurance stays in the red at 118% NCR with more losses to come – EY
The UK home insurance industry delivered a loss-making net combined ratio of 118% in 2023, worse than predicted with more red ink to follow in 2024, according to EY.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
FCA launches review into premium finance “fair value” and barriers to competition
The Financial Conduct Authority has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.
Government announces motor insurance task force to tackle “spiralling costs”
The Government has announced a new cross-government motor insurance task force, supported by industry experts, to tackle what it claims is “the spiralling costs of car insurance”.
Motor leads the way as insurers detected 14% more fraudulent claims in 2023
Insurers detected £1.1bn worth of fraudulent claims last year, up 4% on 2022, according to the latest cross-industry figures.
Which? sounds the alarm again on “eye-watering” motor and home insurance interest rates
Research by Which? has revealed the average annual percentage rate for motor insurance on monthly premium finance at 22% and 20% for home policies.
People Moves: 2 – 6 September 2024
Follow the latest insurance personnel moves.
ABI measures 2% drop in motor premiums in Q2
The average motor insurance premium fell by 2% in April to June compared to the first quarter of 2024, according to the latest data from the Association of British Insurers.
Biba among trade bodies welcoming FCA’s regulation moves
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s regulation discussion paper, calling it a “positive first step”.
Experts call for vigilance in ever-changing cyber risks landscape
Panellists at the Financial Times Global Insurance Summit yesterday called for more education on and prevention of cyber risks.
Home insurance prices surge a record 41.6% in a year
The average quoted price of home insurance rose by 41.6% in the 12 months to April, surging again to another new record rate for an annual rise.
Only one in 10 consumers aware of ‘ghost broking’ threat
Ninety percent of people who have heard of online insurance fraud are unaware of the term ‘ghost broking’, according to the Association of British Insurers.