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FOS complaint volumes surge as Consumer Duty deadline looms
With the implementation deadline for the new Consumer Duty regulations fast approaching, Insurance DataLab analyses the latest ombudsman complaints figures to see how the industry is performing
In Focus: Consumer Duty presents ‘huge opportunity’, but implementation has not been smooth
With the 31 July 2023 deadline fast approaching, can the general insurance sector properly grasp the opportunities new regulation offers?
Briefing: The Silicon Valley Bank collapse – a case for an insurtech backstop?
With the insurtech sector struggling in the current economic climate, are the twin blows of Tech Nation and the Silicon Valley Bank too much?
Briefing: Changing climate now stretching industry’s ability to offer cover
The sector must steel itself for the response of insureds it can no longer afford to protect
Cost of living crisis may drive ‘dishonest customers’ to opportunistic fraud – Ifed
Detective chief inspector Tom Hill, head of the City of London Police’s Insurance Fraud Enforcement Department, discusses the impacts of the cost of living crisis on opportunistic fraud
In Focus: How will Solvency II reforms affect general insurance?
Industry experts chime in on the advantages and risks of Solvency II
TechTalk: Silicon Valley Bank collapse could see ‘contraction of capital’ – but for now it’s business as usual
There remains ’a massive amount of nervousness’ for some UK insurtechs, says chief executive
Briefing: Cost of living crisis warrants consumer cover rethink
The extended warranty sector is seeing a ‘renaissance’ as costs rise sharply
Hardest reinsurance renewal market in years to create knock-on impacts
‘We expect underwriting to remain disciplined in light of strong Lloyd’s market oversight over market’s catastrophe exposure,’ says ratings director
Briefing: Insurers facing flood dilemma as new models remove all doubt
New research provides greater certainty around potential flood events and their location – but how will these details impact the cover offered by insurers?
Briefing: Lloyd’s breaks silence on Blueprint Two advancements - but is ‘steady progress’ enough?
Amid the market’s announcement about a new chief operating officer, some industry professionals are questioning the pace of digital transformation at Lloyd’s
Briefing: Cyber clarity move may encourage underwriters to byte
Although the insurance industry may not have the ‘muscle memory’ to react to a major cyber event, Lloyd’s of London’s attempts to clarify cover around state-backed attacks could present opportunities for brokers
‘All or nothing’ parametric policies can ‘cause problems’ despite benefits
The growth of parametric insurance propositions is undeniable, however there is a risk of legal disputes if policy terms are not crystal clear, says law firm partner
Opinion: Insurer service ‘disconnect’ for brokers still impacted by post-pandemic work models
Simplification, consistency and delivering on promises must become a priority if insurers are to improve service levels for brokers, writes editor Katie Scott
Data holding back industry’s efforts to implement social mobility career strategies
While the insurance sector is aggressively addressing imbalances around gender and ethnicity in the boardroom, its strategy on social mobility is seemingly far less advanced – despite the war for talent
Opinion: M&A fuels record aggregate brokerage growth
Last year’s private equity investments and broker consolidation caused hikes in aggregate brokerage across this year’s top 50 brokers – but will this be repeated in 2023?
Briefing: Can insurance step up and lead the charge to address gender pay gap failings?
New research from PWC says ‘it will take more than 50 years to reach gender pay parity’ – but does this present an opportunity for the insurance sector to use its financial acumen and resources to accelerate this timeline?
Briefing: Interpreting ‘beast’ of regulation is ‘battle’ due to unclear FCA communications
Insurers understand that regulatory compliance can be ‘painful and time consuming’ for brokers, but they believe that greater collaboration can reduce the admin burden
MGAs have a bright future in UKGI
Insurance DataLab pulls apart findings from Insurance Times’ Five Star Rating Report: MGA market 2022/23 and its own MGA performance report to uncover why MGAs are seeing so much success with brokers
‘Cyber and technology risks’ pose ‘key challenges’ for aviation sector
Airlines must ensure that ‘hull and liability insurance dovetails’ with cyber cover to ensure well rounded risk protection from cyber attacks, says broker
In Focus: Broker schemes present an opportunity to better serve clients’ needs
‘By definition, if you’ve created a scheme, you’ve created a unique selling point,’ says group chief executive
Briefing: Underwriter seeks to haul clients into tackling cargo crime with pricing incentive
MGA takes action after campaign to improve lorry safety appears to be on the road to nowhere
TechTalk: Imminent Tech Nation closure could create ‘significant hole’ in insurtech investment
As Tech Nation prepares to close its doors at the end of the month, Insurance Times takes a look at what the government-backed asset did and how its closure may impact startup investment
Briefing: HNW insurers must work with brokers better to tackle ‘nightmare’ Range Rover cover conundrum
Following increased Range Rover thefts, HNW insurers have put the brakes on their risk appetite for policies covering these cars
The Big Question March 2023: What will the cyber insurance market look like this year?
Cyber cover is a big topic on the UK insurance industry’s lips - from changes in policy wordings to emerging threats. Insurance Times asks five leading professionals about what the market can expect in 2023
In Focus: Are broker schemes on the rise again?
Industry experts tell Insurance Times about the recovery of broker schemes following the pandemic
Briefing: Is the sector embracing plastic free repair materials to support UK’s sustainability drive?
Although plastic free materials are more attractive from a net zero perspective, ditching plastic in claims repairs could come at a cost for insurers and policyholders
Briefing: Marine insurers hope Ukraine war anniversary will not leave them in sea of claims
With vessels still stranded in Ukrainian ports, there is a very real risk of marine hull claims following the conflict’s one year anniversary this month
Trillion wide trade finance gap causes ‘challenging environment’ for insurers and SMEs
To address this, trade finance firms and trade credit insurers will need to act together
Insurance ‘must take a leading role’ clarifying products to support secondary construction material usage
Although the use of secondary construction materials could assist the UK’s transition to a net zero economy, better communication between the build environment industry and insurance is needed to improve ‘risk perception’
Briefing: Tech Nation is closing its doors – and it’s the end of an era
The insurtech market is mourning the approaching loss of Tech Nation - sector leaders say ’there is a real need for more scaleup support’ in its place
Briefing: Is Ardonagh planning divestment following internal restructure?
The intermediary has stoked the industry’s gossip mill with its recent MGA restructure and noise about what the changes mean is now deafening
Briefing: Insurers debating ‘if they want to play’ in cyber market despite ‘huge protection gap’
With cyber cover premiums ‘up almost 200%’ in aggregate, cyber insurance could be a profitable area for insurers willing to dip their toes into constantly choppy and changing waters
Briefing: Resilience partnership may point to the future of insurance
Insurers investing in Covid-related research projects could be looking to reduce the long-term costs of future risks
Insurers urged to take a fresh approach to solicitors’ PI amid growing coverage concerns
Conveyancing remains a claims risk area amid today’s recessionary environment, however insurers’ appetite to provide solicitors’ PI cover is growing for firms that present a good risk
Opinion: Is Europe still the next phase of UK broking M&A?
Editor Katie Scott shares broker views around whether the UK really is running out of broker consolidation targets
Industry welcomes FCA review of FSCS thresholds to mitigate ‘unintended unfairness’
In December 2022, the FCA outlined its planned review of the FSCS compensation funding model – trade body says this could prove to be ‘very positive’ for brokers
Is it the end of the line for property insurance commissions on multioccupancy buildings?
The UK government has indicated its intention to ban managing agents and freeholders from taking commissions when arranging buildings insurance
Briefing: Could mass tech firm layoffs trigger ripple effect for insurtechs?
As more technology giants announce mass staff layoffs, could the insurtech sector see a similar trajectory?
TechTalk: Are insurtech staff layoffs the ‘quick and easy way out’ of post-pandemic capital conundrums?
While 2021 was filled with the creation of insurtech unicorns, 2022 saw sector-wide staff layoffs - and there could be more to come as inflation and the cost of living crisis continues to grip the market
Briefing: Brokers are looking for silver linings in economic storm clouds
Macroeconomic conditions are still tough, but it’s time for brokers to roll up their sleeves and embrace the opportunities this could present
‘Insurers will have to rely on brokers’ if post-Brexit tax changes come to fruition
Brokers could see changes to their admin workload and trading operations as a result of Brexit
Briefing: Commercial brokers must build cyber cover confidence to avoid ‘lazy broking’
Are brokers sufficiently equipped to have well informed cyber insurance discussions with clients or are they ‘doing a very poor job on the whole’?
The Big Question January/February 2023: How can insurance firms help SMEs amid increased business insolvencies?
As UK business insolvencies spike due to tighter financial pressures, Insurance Times asks industry leaders about what firms can do to mitigate the risk
Briefing: Hybrid working creates opportunities - but the risks need to be understood
Brokers must understand the ramifications of the new working order to support both insurers and end clients
How is the industry faring ahead of the FCA’s Consumer Duty implementation?
Insurance DataLab provides exclusive analysis of the Financial Ombudsman Service’s most recent complaints data to see how prepared the industry is for the FCA’s Consumer Duty this July
Cannabis: A growing insurance problem
Tenants using residential rental properties ‘for the harvest of drug crops’ are ‘the biggest threat to private landlords’ – brokers and insurers must have this risk on their radar to combat rising claims
In Focus: How can the insurance sector mitigate increasing HNW subsidence claims?
Industry experts weigh in on the causes why high net worth subsidence claims are rising and discuss how best to respond to this risk
Insurers make brokers’ ‘life hell’ when dealing with professional indemnity claims
Improving broker and insurer relationships in the PI market include ‘getting back to the basics’ and investing in internal claims teams, rather than insurers ‘just hiding behind the broker’
Briefing: Cost of living crisis causing spike in accidental damage claims
The propensity for homeowners to submit accidental damage claims has increased as household budgets have been squeezed – but the industry must be alive to opportunistic fraud risks
Is flexible working right for brokers?
Insurance Times speaks to two broker chief executives to hear the arguments for both returning to the office and maintaining continued flexible working
In Focus: Is high net worth cover ‘too generous’ for clients?
Broker leader reveals potential ‘recipe for disaster’ from having ‘underpriced’ premiums and ‘too good’ cover in the HNW market
Briefing: Emerging risk must be the responsibility of all
Insurance sector must ‘stay curious and think ahead’ to cope with emerging risks, rather than simply passing the buck to other industries
Insurers brace for employers’ liability claims as Covid and flu ‘twindemic’ ramps up
However, some market commentators believe this dynamic is an opportunity for innovation
Briefing: M&A ‘hyperactivity’ could signal future consolidation play
Brokers investing in a quantity of M&A deals could be looking to up their value ahead of consolidation conversations
IFED is working to eliminate ‘blight’ of ghost brokers
Detective chief inspector Tom Hill, head of the City of London Police’s Insurance Fraud Enforcement Department, discusses how the unit has sought to tackle ghost broking
Cost of fraud set to ‘snowball’ in 2023
Counter fraud experts say that the continuing cost of living crisis and economic turmoil in the UK will increase the danger of opportunistic fraud
Briefing: Risk landscape reveals that industry still faces new year uncertainty
This month is pivotal for the insurance sector, however many questions remain
Ignite’s in-house accelerator for startup brokers set to address gender gap
Ignite speaks exclusively to Insurance Times about the launch of its new in-house accelerator for startup brokers, which it hopes will address the lack of women in broking and insurance technology jobs
Briefing: Looming recession spells further bad news for insurers
A swirling storm of tough economic issues promise to create a difficult start to the year
Debate: The pros and cons of embedded insurance
Two industry leaders share their views on embedded insurance and what this model could mean for different players in the insurance market
Briefing: No new year joy for insurers as reinsurance renewals deliver little comfort
Predictions of a decline in the market’s reinsurance capability seem to have been well founded, says broker chief executive
Quick thaw delivered major claims impact from UK cold snap
Freezing temperatures in December 2022 have led to a flood of claims submissions and enquiries as insurers brace for burst pipe bad news from policyholders
Briefing: Legislation sorely needed to help mitigate ‘six-figure’ e-scooter claims
However, with the onset of legislation, the potential for first and third party fraud could rise
Parametric insurance poses ‘really compelling’ solution to climate change driven weather events
Following November’s Cop27 conference, the impact of weather events influenced by climate change has hit home – and brokers are looking outside of traditional covers to help clients
Opinion: Industry will need to continue to knuckle down in 2023
Editor Katie Scott summarises some of the year’s key challenges and what the industry may expect come 2023
Lloyd’s of London expects 14.3% top line growth in 2023
Lloyd’s is forecasting peak inflation for the end of this year that will taper off next year, says chief of markets
In Focus: Insurers must brace for property disrepair claims as CMCs’ interest is piqued
Counter fraud experts have seen cases where certain CMCs have encouraged vulnerable customers to pursue ‘exaggerated or unmeritorious claims’
Briefing: Underinsured or underinformed?
Increasing numbers of business owners are underinsured for their commercial property – but is this an active decision, or has the insurance industry failed to properly communicate the risks of underinsurance?
Why Aviva, Covéa Insurance and Zurich were named insurers of the year
After being crowned as market-leading insurers at this year’s Insurance Times Awards, Insurance DataLab explores the figures behind the trio’s successes in 2022
Lloyd’s Blueprint Two is ‘not about delivering tech’ - it’s changing how the market does business
Confirmed delays to Blueprint Two’s roll out have been described as a ’blessing in disguise’, however
Revealed: Who won at the Insurance Times Awards 2022?
With gold, silver and bronze awards across 36 categories, the winners from last night’s Insurance Times Awards have now been revealed
Briefing: Drone cover moving from ‘niche’ to ‘vanilla’ risk for insurance sector
As more businesses look to deploy in-house drone capabilities, corporate cover requirements need to change to accommodate this risk
Briefing: Charity report warnings put insurance at heart of flood risk solution
But questions remain around funding for flood education
TechTalk: Lemonade – from darling disruptor to progressive collaborator
The insurtech is seeking to transform the way the British public buy insurance
Briefing: Senior leadership swaps at Aviva continue to cause broker conversations
Insurance is a people-centric industry – sector-wide chatter around leadership changes at Aviva proves how important broker and insurer relationships are
Insurance industry backs calls for enhanced flood infrastructure programme
Industry commentators approve of recommendations to tackle the ‘inherently uncertain and difficult to predict issue’ of surface water flooding in the UK
In Focus: How can the insurance sector demonstrate the downsides of opportunistic fraud to end consumers?
Industry experts discuss the impact of low level fraud on end consumers and how best to communicate the resultant ramifications
Briefing: When life gives you lemons – Lemonade does generative AI
Lemonade was ’established as AI doing insurance’ – and now the insurtech is ready to make its mark in the UK
Loss adjusters must use ‘skill’ to ensure sums insured are correct amid inflationary pressures
Inflation has driven up the cost of building materials, impacting the claims sector – but loss adjusters have a key communications role to play to mitigate underinsurance
AI presents opportunity to show customers that insurance ‘values’ their data
Business operation leads should ensure that the implementation of artificial intelligence and machine learning tools is effective and targeted
Briefing: Staffing crisis has created power shift
Are insurance organisations having to work harder to retain staff in today’s preferred hybrid working world?
The Big Question December 2022: What are the challenges and opportunities for insurance firms in 2023?
With the new year on the horizon, Insurance Times quizzes industry experts on what the insurance sector should watch out for in 2023
Briefing: Autumn Statement is not all good news for insurers
Insurers with international operations or that work from the London market may face an uphill struggle when it comes to implementing the government’s new Solvency II requirements
What will new regulations for appointed representatives mean for the industry?
The new AR regime is essentially ‘devolved regulation’, says managing director
Briefing: ‘Inflation is not fundamentally bad for the industry’ despite uptick to 11.1%
But factoring claims inflation into premiums could impact insurers’ profitability in the short term, says head of market intelligence
Briefing: Climate change sees risk managers demanding shift from insurers
Traditional insurance products may not be fit for purpose in the face of evolving climate risks – insurers and brokers must therefore rethink propositions, according to surveyed risk managers
Briefing: Are insurtech MGAs disrupting the market as much as they think?
The marriage of insurtech and MGAs could bring ‘fresh energy’ to the insurance sector, but do these businesses have the know-how to attract customers?
Briefing: London’s Islamic aspirations move closer with MOU
London is looking to Indonesia to help create opportunities around Islamic insurance and diversity
Opinion: Insurers prepare for claims following winter hour rollback
Insurance firms grit their teeth as the darker winter weather heralds a likely increase in claims
Insurers face service questions as broker disquiet increases
As the world emerges from the Covid-19 pandemic, there is growing concern among UK brokers about the service levels they are receiving from insurer partners
In Focus: MGAs are undoubtedly ‘the sexy side of insurance’ - but what is driving their increasing relevance?
The advantages that MGAs can provide to the insurance sector in a rapidly changing world could help the industry stay relevant
TechTalk: Unpicking insurtech’s female underrepresentation problem
Industry commentators cite ’a representation problem’ in the insurtech market - but how has this come about and what can be done to redress the gender balance?
Briefing: Not enough female founders and chief executives in insurtech
The insurance industry has a long way to go to improve the lack of females in insurtech c-suite and technology roles
Will appetite for UK broker schemes dwindle amid ‘stark drop’ in possible commission earnings?
One line of business presents a silver lining, however, reporting a 10% growth in brokers’ commission earnings as a percentage of premium between April and October 2022
Briefing: Provision of cyber insurance can help industry position itself as a ‘problem solver’
However, for the cyber insurance market to become truly sustainable, an influx of capacity is sorely needed
The Big Question November 2022: How can brokers navigate cost of living client conversations amid insurers’ inflation hit rates?
Insurers are having to increase rates as a result of inflation, but end customers may struggle to pay these prices due to the cost of living crisis. Insurance Times asks industry leaders how brokers can navigate these conversations
MGA financials under the spotlight
Insurance DataLab reveals the preliminary findings of its 2022 MGA performance report exclusively in Insurance Times, rating the performance of MGAs based on their financial performance
Are UK brokers using data analysis as the ‘main driver’ for personal lines cross-selling?
The cost of living crisis could be a catalyst to spur brokers to tap into data and cross-selling opportunities as end clients carefully consider their finances and insurance providers
In Focus: How can MGAs entice insurers to provide capacity amid challenging market conditions?
Three industry experts discuss how MGAs can make themselves as attractive as possible to capacity providers amid hard market indicators
Briefing: ‘Casualties’ could arise in insurtech sector due to ‘funding shortfalls’
Broker CEO Forum delegates debate how the current macroeconomic climate is impacting insurtechs and what solutions these firms are looking at deploying
Briefing: Brokers face data challenge as clients are told to assume more risk
The industry must learn to share its data with risk managers as corporate clients consider what risks to insure
Brokers have ‘key role’ to unlock cyber cover options for SME market
Generalist, High Street and regional brokers must not ‘shy away’ from client conversations around cyber cover if penetration of this type of insurance is to improve
Brokers embrace cloud technologies to ‘maintain competitive edge’
As more brokers look to use the cloud, there is the risk of a skills gap emerging, however
ValueSpace: The insurtech planning to improve insurers’ combined operating ratios by de-risking dams
The former Lloyd’s Lab participant believes dam failure can be classified as a black swan event
Briefing: What do PE firms look for when investing in brokers?
M&A has been an important driver of growth for broking firms, as Broker CEO Forum attendees describe organic growth as ‘the Achilles heel of the industry’
Briefing: Uncertainty - The new insurance buzzword
Being proactive around market trends and data insight is the only way to stay ahead in today’s insurance industry
Briefing: Brokers believe PE firms should reject historic ‘disjointed’ view of MGA investments
Attendees at this year’s Broker CEO Forum discuss the drivers behind the current MGA capacity crunch
Briefing: Insurers face winter of discontent as sterling adds to claims woes
The ups and downs of the British pound gives insurers more to think about when it comes to claims costs
M&A in UK broking: Diversification grows in importance amid ‘diminishing supply’ of targets
Brokers looking to buy have a roster of new strategies, but are there enough UK M&A targets to satisfy their thirst for growth?
Opinion: The myriad roles of technology
Editor Katie Scott discusses the importance of the insurance industry keeping its finger on the pulse of digital developments.
Workplace culture – should employers or employees adapt to create an inclusive environment?
More than half of attendees to the panel voted that employees should not have to adapt themselves to fit into a company’s culture
Briefing: Consumer Duty - Regulatory headache or brilliant opportunity?
The FCA’s new rules underscore opportunity to boost profitability using customer experience
Briefing: Conservative financial strategy leaves industry seeing red
Insurers’ hopes of managing the inflation crisis were badly dented by the reaction to the recent mini-budget
D&O facing crunch renewal as capacity continues to increase
There has been a correction in the D&O market post-pandemic, but this has not been seen across the board, says senior underwriter
Backchat October 2022
Books about bravery, canine employees and cycling insurtech chief execs, what has the insurance been up to of late? And what’s Rick Astley got to do with insurance? You heard it here first…
Neurodivergence – the ‘absolute commercial opportunity’ for insurance firms
Insurance firms can benefit from hiring neurodivergent individuals, but more work needs to be done
In Focus: Have commercial lines brokers been slow to pursue digital transformation and what progress has been made in 2022?
Three industry experts discuss the progress of digital transformation in the commercial lines broking space
In Focus: Commercial lines brokers have ‘key role’ to play in supporting struggling hospitality clients through turbulent times
Pubs and restaurants are in a ’precarious position’ and face ’significant headwinds’ from a range of economic factors that brokers must try to mitigate as much as possible
Insurers spooked as Halloween’s ‘mischief night’ approaches
With Halloween fast approaching, many insurers will be on their guard as the night is one the biggest for car theft, vandalism, fires and burglaries – but the need for cover doesn’t end there for some haunted customers
Briefing: Bringing the baby to the boardroom is ‘nothing but a normal Tuesday’
Juggling hybrid working and parenting responsibilities can be tricky for any insurtech chief executive, but has the pandemic and subsequent turn to technology shifted the notion that the lowest wage earner must stay home and child rear?
Briefing: Consolidating the consolidators in UK broking is on the cards
The strength of the dollar could be a further motivation for American firms to invest to UK brokers
The Big Question October 2022: What is the current state of play in the construction professional indemnity market?
Insurance Times asks industry leaders about the current construction PI market as headwinds hit the sector following the likes of the Grenfell Tower tragedy
Complaints fall post-pandemic, but how is the industry really faring?
Insurance DataLab picks out the choice complaints data to explore where insurers are succeeding and where they can target improvements
Employee ownership could boost ‘motivation and common purpose’ in insurance sector firms
While employee owned businesses can boost productivity, they are particularly susceptible to the harsh realities of the business world
FCA sets out potential reforms to multi-occupancy buildings insurance market
Biba has welcomed the findings of the report and said it appreciated the regulator’s engagement with its members while gathering information
Revealed: Who won at the Insurance Times Tech and Innovation Awards 2022?
Insurance Times returned to the glamorous Royal Lancaster Hotel in London for this year’s Tech and Innovation Awards on 22 September 2022.
TechTalk: Work-life balance and parenting for c-suite insurtech fathers
Home and hybrid working has flipped the traditional 9am to 5pm working day on its head, but have they made it easier for c-suite insurtech executives? Insurance Times speaks to four fathers in senior roles to find out
Briefing: Reinsurance sector still facing BI ‘big issue’ despite clarity for direct market
A lack of visibility around aggregation arbitration is preventing the reinsurance sector from dealing with Covid-related BI claims
Briefing: Insurers under pressure to harden rates as reinsurers talk tough
Feedback from the Rendez-Vous de Septembre conference is that reinsurers are cheerleading rising rates
Briefing: Industry scratching its head over deepfake e-scooter fraud
What new types of claims and fraus will arise following the extension of the UK’s e-scooter trial?
Briefing: Insurers should prepare for risk of another Eurozone crisis
Contributor Saxon East examines whether the eurozone may be about to enter another period of economic chaos
MGAA targeting ‘every MGA in the UK and Ireland’ for membership
The trade body’s ‘clear objective’ is to provide ‘relevant’ support and content for both its current and future members
Briefing: Is hybrid working diminishing London’s leadership as an insurance market?
Individuals entering the world of work today may not have experienced working alongside their colleagues five days a week – ‘their careers may be marked by the lack of that’, according to broker boss
Briefing: Brokers fear professional indemnity market crunch will only worsen
Despite the industry’s attempts to mitigate construction PI risks, capacity is still being squeezed in this line of business
Cost of living crisis drives greater fraud volume and frequency from non-traditional sources
Counter fraud experts explained that difficult economic conditions are leading to increased levels of fraud from non-traditional perpetrators, necessitating a rethink of existing anti-fraud models
Claims inflation drives ‘a major deterioration’ in UK motor market
With price increases unable to keep pace with inflation, motor insurers must look to claims prevention and repair network support if they wish to remain in the black
Opinion: Inflation and cost of living tightrope testing insurers’ balance
Editor Katie Scott discusses how inflation has impacted insurers’ 2022 half-year results
Emerging Bazarcall ransomware attacks reinforce cyber risk to SMEs
A more ’robust and joined up approach’ is needed to combat the risks UK businesses are facing from cyber attacks, such as those distributed by bogus call centres, says director
Briefing: Insurance industry must adopt signposting to support UK’s ageing population
With people living longer and retiring later in life, insurers must be flexible with their travel insurance policies to ensure that consumers are not left without cover
Sector cautiously welcomes UK government amendments to planning guidance for preventing flooding in new builds
Affordable home insurance is ’essential to public trust’ in insurance and is impossible without ‘drastic improvements’ to flood resilience, says CII director of policy and public affairs
Brokers should prioritise ‘critical’ cloud security following largest ever DDoS attack
The attack on a Google Cloud Armor customer was equivalent in scale to receiving all of the web’s daily requests to Wikipedia in just 10 seconds
Will the UK government’s road to net zero strategy drive classic cars to extinction?
Classic cars could provide an alternative to electric vehicles as they are more sustainable then the general public may assume
Briefing: Russia-Ukraine conflict takes toll on insurers’ half-year results
Insurers are preparing for further losses as Russia continues to hold on to leased planes
In Focus: How can the insurance sector support and drive the growth of embedded insurance in the UK?
Three industry experts discuss the impact embedded insurance could have in the UKGI market and how these propositions could be utilised by the sector
Dynamic IP addresses cause ‘big challenge’ for underwriters using cyber risk rating reports
Improving the underwriting process for cyber insurance requires a ‘holistic view’ ahead of the ‘next big shift’, says Aviva’s head of cyber
In Focus: Could telematics present a win-win for insureds and the industry as the cost of living crisis ramps up?
As inflation accelerates and wages fall, the ‘risk reductions’ provided by telematics-based motor insurance could allow insurers to pass on ‘cheaper premiums’ to their customers
Professional winter sport athletes left out in the cold by insurance
Brokers must ‘think outside the box’ if they wish to fill the winter sports protection gap
Briefing: Insurtech’s ‘stick or pivot’ culture could return for a post-pandemic sequel
Insurtechs have always been agile, but how many more will pivot their operations due to the changing economic environment and consumer demand?
TechTalk: Investor confidence dips as insurtech sector hit by cost of living crisis
The insurtech sector has not escaped the ramifications of the cost of living crisis - staff lay-offs and adapted business models signal that the market must change with the times
Which firms are leading the way on customer experience?
Insurance DataLab takes a deep dive into the customer experience provided by personal lines insurers and brokers – which organisations have excelled across the analysis’ four service metrics?
Insurers deploy strategies to embed technology into claims function
Digital transformation within claims departments is accelerating – and insurers are employing different approaches to tap into the relevant tech expertise to improve customer and cost outcomes
The Big Question September 2022: Do brokers need a formal qualification to advise clients?
Following a CII group’s call for action that mandatory qualifications or a minimum number of years’ experience should be introduced in order for brokers to advise clients, industry experts share their opinions…
Briefing: What are the top five insurtechs to watch?
Insurtechs are blossoming to become a crucial part of the insurance ecosystem – but which ones have staying power in today’s climate?
Cyber risk rating reports versus threat intelligence - what is ‘the best tool’ to analyse firms’ cyber security?
Industry leaders expose problems with cyber vulnerability assessment tools and discuss new ways to get ahead of cyber criminals
What does an effective response to the threat of systemic risks look like?
The public expects ’insurers to lean into the challenges posed’ by systemic risks and work to develop solutions, says ABI’s director of GI policy
Briefing: Hard times for DLG, Admiral and Sabre – what are the shareholder challenges?
Claims inflation has hit the motor insurance market hard, but what does this mean for the sector’s largest players and their shareholders?
Briefing: Journalism still lacks ethnic diversity – just like insurance
The insurance sector must work harder to retain its ’kaleidoscope of talent’ and eliminate ’empty diversity and inclusion pledges’
Briefing: FCA must focus next on customers’ expectation gap following dual pricing ban
Consumer group managing director calls expectation gap the ‘number one problem in insurance’, over and above ‘sideshow’ price walking that the FCA has been focused on
Briefing: Small comfort for insurance industry from FSB report
Sector faces stinging remarks from member organisation about not adequately supporting small businesses – this must be a blow for relationship-centric brokers
Briefing: Time to get ready for embedded insurance
There are opportunities aplenty around embedded insurance – for example, embedded products within commercial lines still remain scarce
Insurers must be alert to the threat of physical damage from cyber attacks
Recent cyber attacks on a number of Iranian steel plants evidence the dangers these events can pose to physical infrastructure - this should serve as a warning to insurers
Honcho pivots into B2B embedded insurance
The insurtech hopes to support insurers as price comparison website charges soar
Insurers must tackle ‘computer says no’ approach as risks become ‘less standard’
Some brokers are now providing incomplete or inaccurate information to place risks quickly and at a ‘reasonable price’, says director
Uptick in livestock disease claims leads to farmer losses and increased insurer costs
It is pivotal that brokers have meaningful conversations with agricultural clients to ensure they understand farming’s operational risks
Insurers must deploy capital ‘confidently’ to solve cyber cover supply and demand imbalance
Demand for cyber insurance has increased - but so has the price
Briefing: Brokers must help Rolex and Patek Philippe owners watch for HNW underinsurance
Some luxury watches have more than tripled in price – even for second-hand watches – meaning that brokers have to be on the ball if they are to help prevent underinsurance for HNW customers
Aviation market braces for ‘potentially huge losses’ as Russian aircraft seizures bite
The aviation insurance market ’is burying its head in the sand’ when it comes to tackling the fallout from the Russia-Ukraine conflict
Briefing: Goldman Sachs’ Midas touch turns to The Clear Group
The intermediary’s ownership of a broker network creates a potential acquisition pipeline that appeals to the investment bank
Digitalising brokers’ back office supports business model revamp
Insurance Times’ research pinpoints that back office tech is more of a focus for brokers than digital customer journeys – but some industry voices are sceptical as to the motivations behind this type of digitalisation…
Backchat July/August 2022
Biba dishes out journalism awards, Wimbledon’s upcoming ball fetchers, Mary Poppins and an unusual car insurance claim. What has the insurance industry been up to this month? You heard it here first…
Opinion: Insurtechs are new industry ‘Marmite’
Editor Katie Scott rounds up the latest key discussion points surrounding insurtechs
Briefing: Commercial lines digitalisation now ‘accelerating’ after slow start
Easy to digest personal lines data led to this part of the market taking the lead when it came to digital transformation. However, industry commentators tell me that commercial lines is now quickly playing catch up
Interest rate rises fail to deter lenders from broking investments
Despite being viewed as ‘neither very hot nor very unpopular’ by private equity firms, the broking community is still ‘the darling of the financial services sector’ when it comes to M&A, say experts
Briefing: MGAs still bullish as capacity crunch bites
Tentative insurers are keeping capacity close to home, but relearning to share the pen with MGAs could answer brokers’ prayers in providing innovative propositions for evolving client risks
In Focus: Why is there increased investor appetite for insurtechs from outside the insurance industry?
Three industry experts explore why non-insurance sector businesses are looking to buy into insurtechs
TechTalk: A short history of Lloyd’s Lab
Technology editor Clare Ruel takes a look back at Ed Gaze’s time at Lloyd’s Lab and the birth of the insurtech accelerator
The Big Question July/August 2022: How can insurers better support brokers with compliance?
Insurance Times asks industry leaders how insurers can better support brokers amid the FCA’s influx of new regulation
Insurers must be on guard as insurance fraudsters ‘come from all walks of life’ - IFED
Detective chief inspector Tom Hill, head of the City of London Police’s Insurance Fraud Enforcement Department, reveals that organised crime groups can come from unexpected and well paid quarters
Industry’s lack of ethnic minority senior leadership is ‘everybody’s problem’
Although the representation of ethnic minorities in senior insurance roles has improved, the industry still has a long way to go
Briefing: Are insurtechs sustainable?
Industry voices are flagging concerns that insurtechs are not working to solve current industry challenges – but what is driving these discussions and can anything be done to change this view?
In Focus: How are insurtechs matchmaking brokers and capacity providers?
‘Granular’ and ‘relevant’ data can create ‘much more qualitative conversation’ between all parties, say experts
Briefing: Lloyd’s Lab is still the ‘heart of innovation’
Lloyd’s has a ‘proud history’ of innovation - and this is set to continue
Property insurance falls to underwriting loss despite drop in claims
Insurance DataLab takes a deep dive into the UK’s property insurance sector, exploring market trends and pinpointing improving insurers
Briefing: Are insurtechs really innovating, or just playing technology catch up?
The pandemic caused ‘a lot of sacred cows’ to be ‘killed’ as digital trumped in-person interactions, but are insurtechs really at the cutting edge of technology, or simply helping insurance catch up to more digitally savvy sectors?
Briefing: What makes a good broking firm?
High productivity and a slow and steady approach to improving performance are the two cornerstones of broking success
Collaboration between insurers and CHCs is essential in the face of squeezed supply chain
The agreement between the two industries needs ‘urgent surgery’ says credit hire trade body chair
Briefing: More insurers need to think outside the box to mitigate cost of living crisis
Insurers must step into the breach once more to support consumers – but how many are actually willing to reduce monthly installment plan premium uplifts?
Briefing: Insurers are facing a growing confidence crisis
Feedback from Airmic’s annual conference this month indicates that risk managers feel the insurance sector is out of touch with their risk agendas
Travel insurers weather the Covid storm
Amid changing consumer habits and rampant premium upticks, what is really happening in the travel insurance market right now? Insurance Times finds out…
Inflation-driven underinsurance demands tough talk from brokers
Brokers cannot be the ‘Father Christmas’ of low premiums amid inflation and supply chain squeezes, yet they can be the ‘antidote’ to underinsurance
Opinion: Value add support services must be promoted to avoid cover corner cutting
Editor Katie Scott discusses the role of insurance firms and risk management amid current inflationary pressures
In Focus: Digital transformation in the claims arena is no ‘panacea’
Digitising the claims journey for customers is just ’one piece of the jigsaw’ that insurance firms should consider when plotting business goals and ambitions
Briefing: The next generation of personal lines insurance is here
App-centric MGAs have the potential to pave a new way of delivering personal lines insurance
Premier League risk register expands following BI-linked lawsuit launch
As a number of Premier League football clubs initiate BI-related legal action against insurers, Insurance Times explores the myriad risks that footballers and clubs could encounter in today’s post-pandemic landscape
Briefing: Broker consolidation debate set to heat up at BrokerFest 2022
Panellists prepare to discuss the pros and cons of consolidation on the broker market, exploring whether it is a ‘natural culmination point’ or a survival tool
Revealed: Which firm is the most profitable insurer in UKGI?
Insurance DataLab analyses the latest Solvency and Financial Condition Reports to find out which of the top five largest insurers have the best underwriting performance
Property disrepair claims fraud is beginning to look like ‘the new PPI’
Industry experts have noticed a worrying increase in claims farming from CMCs in the property disrepair arena
In Focus: The OIC portal one year on – success or failure?
Three experts share their perspective on how the Official Injury Claim portal is performing as the system passes its first birthday
TechTalk: Rising automation demand reveals insurance skills gap
As the demand around automated services grows, the insurance industry must ensure that its workforces are equipped to work alongside automation
Briefing: Elon Musk takes insurance in-house at Tesla – can the industry keep pace?
As the electric vehicle revolution continues, Musk is set to gain a key position in the insurance sector, providing further competition for insurers
Tech savvy new entrants set to shake-up home insurance sector
Insurance Times explores market movements in home insurance following the FCA’s pricing reform and escalating claims inflation pressures
Simon Bloomfield: Brokers’ referral expectations are not being met by the insurance market
Simon Bloomfield, head of Imarket at digital trading focused software firm Polaris, shares some of the key insights that have emerged from Insurance Times’ Five Star Rating Report: ETrading 2022 and Data Insight Book
Briefing: Staged e-scooter accidents are ‘already happening’ and leading to ‘questionable’ claims
With pandemic-related fraud dwindling, insurance fraud experts believe the next emerging risk will come from the insurtech sector
‘Very aggressive segmentation’ set to replace price walking as profit-making tool for insurers
With customers having less incentive to shop around following the FCA eliminating price walking, how can underwriters leverage data to offer discounts to their least risky customers?
Briefing: How the ESG agenda can help insurance be a driver for positive societal change
ESG took centre stage at Biba’s 2022 conference, with an interesting panel on sustainability and even a fully recyclable stand from Allianz - but how can the industry help drive real change in the world?
The Big Question June 2022: How is the insurance sector progressing in its plans to achieve net zero?
Following a greater regulatory focus on firms’ net zero transition plans, Insurance Times asks the industry how its climate change strategies are progressing
‘Significant spike’ in tool theft claims poses fraud risk
With ‘the value of these individual claims getting higher’, insurance fraud experts must be alive to cost of living linked inflated claims from end customers and tradespeople
Briefing: Brokers don’t have to be jack of all trades – it’s time to tap into insurtech
Furthermore, brokers can utilise data to disrupt other sections of the regulated financial services market, looking to offer adjacent services to clients, says network’s head of sales
Briefing: Inflation to test industry and clients alike
Brokers must ready themselves for tough conversations if they are to nip potential underinsurance in the bud
‘Only a matter of time’ until parametric insurance becomes the norm
Industry experts estimate that cover for IT downtime will be ‘the next stage of growth in parametric insurance’
Briefing: FCA backs Biba on FSCS levy reductions, but admits change ‘will take some time’
Despite some alignment in thinking, Biba’s chair still believes the regulator needs to take ‘a long, hard look at its own responsibilities and approach to our low risk sector’
Briefing: How rising interest rates will impact broker acquisitions
Global M&A activity could be influenced by increasing interest rates and the dip in the dollar’s value
House of Lords advocates more proportional regulation for London market
Inquiry calls for ‘broader reassessment of regulatory culture’ as current London market oversight is described as ‘inflexible’ and ‘unnecessarily complex’ by committee chair
Opinion: Hybrid ‘new normal’ yet to be clarified across UKGI
Editor Katie Scott discusses the appetite around industry in-person gatherings ahead of this year’s Biba conference
Gap insurance fraud seeing ‘a huge uptick’
As whiplash claims have become less attractive to potential fraudsters thanks to the Civil Liability Act, could gap insurance become a new problem area?
In Focus: What innovations are software houses releasing for brokers?
Industry commentators discuss what problem solving releases are coming from software houses and platforms in 2022
Briefing: LiPs not ‘disadvantaged’ by OIC process despite industry-wide concerns
Law firm argues that OIC portal process is not a ‘disincentive’ because LiPs are ‘clearly able’ to submit and progress claims
ESG concerns look set to grow
’ESG reputation could become as important as product, service and price,’ says Allianz Commercial’s chief underwriting officer
Briefing: Stable it may be, but London needs real modernisation momentum
Frictional costs in the capital are still too high, despite credit rating agency listing market positives
Underwriters ‘don’t understand the risks’ of EV accidents
Education and training are needed for all emergency services to reduce risks to consumers and first responders in the event of a car crash involving an electric vehicle
How can the broking sector tackle the ‘significant headache’ of job vacancies?
Part of the solution to broker shortages lies with selling the idea of a career in the sector to university graduates and school leavers
In Focus: Software houses must ‘champion’ smaller and regional brokers
Software houses must steer clear of ’the one-size-fits-all approach’ to tap into opportunity to ’champion’ smaller brokers and support business growth. Insurance Times explores how brokers and software houses can work together to ensure value for money
Tinder Swindler case reinforces regulation requirement for flourishing dating metaverse
Although the Online Safety Bill may help combat romance scams, insurers and brokers should think about how they can protect customers from social engineering attacks
Briefing: Why the UK is the insurtech innovation capital
The UK insurtech landscape is flourishing, boasting mega funding rounds and ongoing expansion - but what has prompted this shift?
The Big Question May 2022: How can brokers and insurers improve their trading operations and relationships?
Insurance Times asks industry experts how brokers and insurers can better collaborate
Briefing: Climate change transition planning is likely to be a task and a half
Although the government’s new taskforce is promising ‘gold standard’ guidance for net zero transition planning, small supply chain vendors may be the hiccup for listed firms’ success
What broker schemes are proved to be most profitable in 2022?
Although one line of business is head and shoulders above the rest in terms of boosting brokers’ schemes-based commission, the Covid-19 pandemic is still having an adverse effect on some schemes’ popularity and uptake
Is telematics set for a popularity boost following FCA’s fair value changes?
With better technology and new regulations on pricing, could telematics be preparing for its time in the sun?
TechTalk: UK insurtechs to capitalise on US opportunities post-pandemic
Insurance Times explores why the US remains the ’most attractive global destination for UK insurtechs’
Briefing: Can insurance fraud prevention be measured?
Insurance fraud has the potential to be a ‘source of income’ amid rising living costs, so finding ways to measure fraud prevention is an increasing priority for the sector
Briefing: Whitehall staffing conundrum spreads to Square Mile
London market participants are getting comfortable with homeworking as face-to-face meetings become increasingly difficult to arrange
When it comes to financial performance, does bigger really mean better?
Insurance DataLab reveals the preliminary findings of its 2022 Broker Performance Report exclusively in Insurance Times, rating the performance of different sized brokers based on their financial performance
Briefing: ‘Disappointment’ remains about OIC’s lack of ADR amid digitalisation scrutiny
Did the government miss a trick by not signposting online alternative dispute resolution via the Official Injury Claim process?
Socioeconomic inclusion demands greater insurance industry effort
People from lower socioeconomic backgrounds can experience longer career progression paths because of ‘polish and fit’, rather than ‘performance or talent’
Briefing: London market regulatory reconstruction bid flies in face of FCA’s get tough plans
The amount of regulation in the industry is yet again the bone of contention, with the London market and FCA seemingly on opposite sides of the debate
Backchat April 2022
Emergency EV charging, a chief executive fashionista of high heels and more insurtech-born babies. What has the insurance industry been up to of late? You heard it here first…
Opinion: When will insurers’ broker service improve?
Editor Katie Scott questions why broker service from insurers still has not improved, despite consistent feedback from brokers that communications and decision-making have slowed
Brokers must not treat risk management as an ‘afterthought’
The ‘increased recognition of risk management’ should be welcomed by brokers, however those with a ‘simply transactional’ mindset may struggle to place risks, especially for SME clients
Briefing: Sector-wide cultural change and ‘radical collaboration’ will drive flood resilience work
Flood Re believes the role of insurance is changing as it urges insurers to offer property repair improvements to combat poor flood resilience
Admiral’s stock market dip - how serious is it?
The Cardiff-based insurer’s share price plunged by 15% last month as a result of profit concerns
Briefing: Broker service has slipped, but RSA has opportunity to shine
RSA comes bottom again Insurance Times’ Five Star Rating Reports, but it can bounce back
Insurance sector can no longer turn ‘a blind eye’ to property cover commission impact on leaseholders
Industry experts and campaigners feel the FCA is not doing enough to protect leaseholders from opaque commission practices in property insurance
Ongoing Russia-Ukraine sanctions create fallout for trade credit insurers
Businesses seeking trade credit insurance may find cover unavailable as insurers decline risks in this market at short notice
Briefing: Russia-Ukraine insured losses deemed ‘manageable’ – but how long for?
Investment bank predicts that conflict losses will be ‘manageable’, yet insurer boss believes flexibility will remain central for keeping abreast of unfolding situation
Are usage-based policies set to disrupt the post-Covid SME insurance market?
Small business owners struggled during the pandemic amid high profile BI litigation, but brokers have also faced correlating service challenges
Briefing: Why property insurance commission is so controversial
The storm over property insurance could lead to full-blown commission disclosure debacle
In Focus: How can firms start to prepare for the FCA’s incoming Consumer Duty?
With the FCA’s Consumer Duty expected to come into effect from April 2023, industry experts debate how firms can best prepare for the new customer protection regulation
Hospitality group BI judgment could signal ‘flood of further cases’ ahead
Insurers could still face ‘potentially significant’ claims exposure around BI policy interpretations, despite intention of test case judgments
IFED sees success combating low level insurance fraud using cease and desist notices
Of 48 notices issues over the first year of employing this strategy, only one fraudster reoffended. Temporary detective chief inspector Tom Hill, head of the City of London Police’s Insurance Fraud Enforcement Department, explains the approach in more detail
Citizens Advice report reawakens underwriting and trust concerns for ethnic minorities
The latest findings from Citizens Advice has highlighted that bias is ‘baked’ into underwriting processes, meaning insurers ’are now on the back foot’
The Big Question April 2022: How can brokers support low income families to find appropriate and affordable insurance?
Insurance Times asks industry experts how the insurance sector can better support low income families who often see insurance as a luxury
Briefing: Was the MoJ’s part two consultation response worth the bother?
With a five-year gap since the initial reform consultation and the OIC portal still posing functionality problems, has the MoJ taken the easy way out with its no change agenda for part two of the whiplash reforms?
Briefing: What does ESG mean to you?
Taking the lead in ESG is vital for insurers and brokers
Insurance sector rallies around Ukraine
Insurance Times rounds up how the UK insurance industry has responded so far to the ongoing conflict
Is the insurance industry using too much data for underwriting?
The lack of transparency around ‘secret resource’ underwriting data is one of insurance’s ‘greatest flaws,’ says consultancy managing director
Broker M&A hit record levels in 2021 – but how are the consolidators faring?
Exclusively in Insurance Times, insight firm Insurance DataLab unpicks the financials of broking’s three largest consolidators to see how M&A is driving financial performance
Briefing: Insurers increasingly seek to clarify risk appetite for brokers following BI confusion
But, ‘appetite’ can mean different things to different insurers and brokers, meaning that communications need to continue to be clearer than ever
Briefing: Ukraine war aggravates claims inflation headache for insurers
Claims inflation was already biting, but now the consequences of the Russia-Ukraine war will add further pressure
OIC portal will not be ‘perfect overnight’
MoJ representative David Parkin insists that the system is ‘working relatively well’, despite acknowledging need for improvement
Fraud experts describe ‘worrying’ rise in property disrepair claims
Claims management companies are increasingly targeting this part of the market due to claim causation grey areas
In Focus: Solvency II reform comes under scrutiny despite potential cost saving
Many industry commentators see post-Brexit Solvency II reform as an ’opportunity’ for insurers and shareholders, but could it leave policyholders paying higher prices? Insurance Times investigates…
Briefing: Sector collaboration is quicker and more certain solution to tackle spoof ads versus OSB
The insurance industry must work together to collate information and case studies if it is to prevent ad spoofing from ‘legitimising fraud’
Briefing: Industry’s appetite proves it needs to improve its menu
Insurers’ lack of appetite for cyber and climate-related risks will see industry’s relevance nosedive in the eyes of customers
Cyber terror exposure fears at the heart of insurers’ reluctance to broaden cover
Wars now have the potential to be fought both online and offline. Insurance Times explores the industry’s appetite to cover terrorism or nation state cyber warfare risks
‘Diversity is hard’ – where are broking’s senior female leaders?
In recognition of International Women’s Day, Insurance Times takes a closer look at diversity and inclusion within senior broking leadership, reviewing the current landscape and factors impacting progression
Opinion: Insurers still drowning in BI claims backlog
One year on from the FCA’s first publication of BI claims payment data, editor Katie Scott reviews the industry’s progress to date
Briefing: Insurers are eyeing inflation as biggest claims risk for 2022
Describing inflation as ‘one of the single biggest issues’ for the sector, how do insurers plan to respond?
Briefing: FCA shows its ineptitude with buildings insurance
The FCA has been warned on numerous occasions there was an issue, but it failed to act
Brokers have a ‘key role’ following latest Scottish fire safety legislation
Five years on from the Grenfell Tower incident, and fire safety legislation is still being rolled out, the latest measure from the Scottish government, however, places brokers at the forefront of customer education
In Focus: Are broker schemes the answer to professional indemnity cover challenges?
Industry experts debate whether broker schemes could solve professional indemnity insurance’s (PII) woes after SchemeServe revealed PII schemes netted brokers the most income between 1 April and 31 September 2021
In Focus: How broker schemes are navigating the FCA’s fair value focus
The regulator’s pricing reform, which includes product governance requirements, raises industry questions about whether broker schemes offer fair value to customers
The Big Question March 2022: How can brokers best plan for succession amid a buoyant M&A market?
As an abundance of M&A hits headlines, Insurance Times asks the industry how brokers can best plan for succession
Briefing: ‘Great shame’ that brokers are not more involved in claims process
Are brokers missing a trick by not establishing their own claims functions, especially in light of continuing supply chain and communications challenges insurers are experiencing?
Changes to the Highway Code set to cause ‘absolute chaos’ for commercial fleet drivers
Brokers will be at the forefront when it comes to educating the public about the changes, while insurers will need to watch out for fraud
Briefing: Ageas UK’s commercial sale comes at right time
Ageas exits commercial lines - the insurance landscape is changing
Lloyd’s signals ‘phony innovation war’ is over with 2022 blueprint buzz
Lloyd’s digital transformation could save the marketplace both time and money in the future, but the implementation process could pose challenges. Insurance Times investigates
No sex please, we’re insurers
With sex-centric event organisers struggling to access insurance, insurers are being accused of turning their backs on the new breed of sex-related organisations
Metaverse and NFT insurance – to be or not to be?
As metaverses take the internet by storm, Insurance Times explores whether the insurance industry can capitalise on covering risk in digital worlds
Is postal workers’ pet hate driving dog-related public liability claims?
Following increased pet ownership during the pandemic, pet-centric public liability claims could be on the up – commentators believe fraud in this area is unlikely, despite policyholder feedback
Briefing: Are medical reports the latest snag in the OIC portal process?
Are medical reports behind the noted uptick in psychological injuries being added to whiplash claims and are firms deliberately delaying issuing claimant medical reports to save costs?
Briefing: Are brokers to blame for etrade service issues?
A webinar debate last week gave interesting insight on etrading service
Motor market back in black as claims fall
Insurance DataLab unpicks underwriting in the motor insurance market, flagging the financials of successful firms that have weathered pandemic and regulatory-induced trends
Briefing: Consumer Duty is flagship for assertive FCA
Plus, operational resilience is ‘a key element’ of the FCA’s ‘supervisory strategy for large brokers in 2022 and 2023’, says consultancy partner
Briefing: What happened? Hiscox slides on broker service
Hiscox falls in Insurance Times’ personal lines broker service survey
Law Commissions’ report relieves ‘major sticking point’ in autonomous driving liability debate
The report’s recommendations provide clarity on driver accountability, but some industry commentators believe there is still more to discuss
FCA’s pricing rule change means 2022 is brokers’ ‘time to shine’
A service driven market centred around fair value, rather than price, could mean 2022 is brokers’ ‘time to shine’, despite product governance compliance being ‘one of the biggest challenges’ for broking firms
Opinion: Regulation ramifications for brokers
Editor Katie Scott discusses how regulation can prove to be both an opportunity and a barrier for the broking community
Dave Chapman: UK brokers yet to fully embrace cloud technology despite need for ‘some sort of self-service strategy’
As a result of the Covid-19 pandemic and the subsequent demand for self-service solutions, the adoption of cloud-based technology for brokers has increased, according to the insurance software company’s annual research
Briefing: Unwieldly regulatory compliance driving broker consolidation surge
‘The regulatory burden’ is causing consolidation at pace, but will ongoing government consultations help to give brokers the regulation respite they need to stand on their own two feet?
In Focus: How buoyant is capacity in the HNW market post-pandemic?
Industry experts debate capacity in the high net worth (HNW) sector following the Covid-19 pandemic, Brexit and a slew of pricing regulation from the FCA
Briefing: Google faces the music over abusive conduct
Google must improve its conduct as scrutiny on its behaviour increases
The Big Question Jan/Feb 2022: What protection gaps should be front of mind for brokers in 2022?
As 2022 gets underway, Insurance Times asks the industry about what new business brokers can gain by exploring and prioritising protection gaps
Legal professional indemnity stresses push firms to consider their futures
Brokers must support law firms with risk management to battle professional indemnity claim threats and increasing premiums
In Focus: Ex-Love Islander’s burglary reawakens HNW underinsurance and social media risks debate
Brokers have a key role in advising clients about the dangers of sharing details of their valuables on social media, as well as helping to prevent underinsurance
Briefing: Is a four-day working week the ‘pinnacle of work-life balance’ for insurance sector?
Does the insurance industry have an appetite to try a four-day working week, or will this simply exacerbate some of the difficulties already experienced as a result of homeworking?
Aviva to accelerate regional broker investment and underwriting footprint expansion
The insurer tells Insurance Times its plans for mid-market broker investment and how it is tackling underinsurance
Briefing: FCA is crushing the life out of brokers - it must be reined in
A major consultation is under way which could rein in the FCA
UK’s changing climate will drive industry focus on innovation and risk management
Brokers that can help businesses with “training, monitoring and being ready” ahead of potential flood damage can ensure their commercial clients have a “massive differentiator”
Hunting down the truth about trail hunting insurance
Although insurance does not cover illegal activities, such as fox hunting, verifying potential trail hunting-related claims could fall into a protection grey area
House of Lords debates need for e-scooter safety regulations and compulsory insurance
Speakers in the House of Lords last week debated the safety of e-scooters on UK roads and whether more stringent regulation is needed amid claims that ’the pavements have become a jungle’
IFED ‘cannot afford to take foot off the pedal’ when tackling ghost broking
Temporary detective chief inspector Tom Hill, acting head of the City of London Police’s Insurance Fraud Enforcement Department, reviews 2021’s key insurance fraud trends and identifies what the industry needs to watch for this year
Briefing: Brokers continue to face ‘absolutely dreadful’ insurer service
Feedback from brokers still flags insurer service as being ‘on its knees’ due to difficulties with homeworking – will the lifting of work from home guidance this week see brokers benefit from improved service?
Briefing: Can Aviva’s share price really hit 800p?
Aviva’s activist shareholder wants an 800p share price. Is this realistic?
Gibraltar on the rise as underwriting performance improves on the Rock
Insurance DataLab unveils which lines of business are proving most profitable for Gibraltar-based insurers using its unique underwriting rating methodology
BGLI and Markerstudy to ‘end up with much more than the sum of the parts’ following acquisition
Both businesses plan to cash in on the ‘real opportunities’ they believe arise from this ‘perfect strategic’ acquisition, including boosting pet insurance distribution
Insurance industry urged to review working models post-pandemic
Many insurers, brokers and insurtechs have overhauled their working models post-pandemic because ’a hybrid working model is now a requirement and not a nice-to-have’
Briefing: One year since Supreme Court’s BI judgment, yet outstanding questions remain
Law firm reveals litigation around BI claims is still on the table for this year, especially as the FOS appears to be siding with insurers in the majority of BI-linked cases since last January
Endsleigh Insurance focuses revitalised four-year strategy on three customer niches
The broker’s chief executive says the refreshed business strategy enables the firm to go ‘deep and wide’ in particular market segments and ‘grow back into its shoes’
Briefing: Five big issues facing insurance firms in 2022
It’s not just the FCA’s pricing and product reform that will be on the mind of the industry in 2022
Briefing: OIC portal intention unfulfilled as LiPs still fail to engage with platform
Claims experts confirm that Official Injury Claim portal is not being used as intended, with representation levels high as new process is live tested on claimants
SMEs conducting ‘severe gross exaggeration’ on claims has ‘gone beyond a joke’
Small businesses are still suffering cash flow constraints following the coronavirus pandemic, leading to potential claims exaggeration or high value vehicle thefts, reports fraud experts
D&O risks in 2022 defined by diversity and Covid liabilities
Diversity-related suits could potentially be catastrophic’ following FCA consultation, says broker
Insurance industry grapples to solve rise in motor claims inflation
Claims inflation is soaring. Those in the industry share their views on how to tackle the challenge. Bodyshops will play a crucial role in helping insurers get to grips with it
Remote working drives broker E&O claim leap
UK regional brokers must consider how they can better manage the move to a hybrid or fully remote working model amid increasing errors and omissions claims
Opinion: Brokers’ value must be front and centre for 2022
Editor Katie Scott considers the last year and pinpoints what she thinks will be on brokers’ minds as the industry enters 2022…
Briefing: Civil justice system is ‘taken for granted’, yet digital reform could be incoming
The chairman of the Justice Select Committee believes digitisation and a focus on single access portals could be the next focus for the civil justice system
Insurance industry warned ‘Great Resignation’ will test management’s mettle
Amid the Covid-19 pandemic, staff are re-evaluating their career options. The demand for broking talent, in particular, is leading to ‘25% salary uplifts in counter offers’
Briefing: LV= private equity takeover failed … good, we need mutuals
The UK needs a good mix of mutual organisations to service customers - it cannot always be about the money
Renewal rules require brokers to re-examine proposition and go ‘back to the future’
The motor market is ‘a perfect storm’ ahead of the FCA’s pricing rules coming into effect – brokers will need to focus on ‘agility’ and ‘be service-related’ if they are to succeed post-January
The Big Question December 2021: What is on the insurance sector’s wish list for 2022?
Insurance Times asks the industry what’s on its wish list for 2022 in the wake of the Covid-19 pandemic and an unprecedented 2020 and 2021
In Focus: How can the insurance industry tackle ghost broking?
Experts on insurance fraud debate how the industry can tackle the ongoing issue of ghost broking in the wake of the Covid-19 pandemic
Why Aviva and Ageas are insurers of the year
After being crowned at this year’s Insurance Times Awards, data insight service Insurance DataLab explores the figures behind Aviva and Ageas’ successes in 2021
Briefing: UK needs system that ‘fully incentivises’ ADR
MP and chairman of the Justice Select Committee believes mediation is the future of civil litigation, so the UK must invest in a system that ‘incentivises’ alternative dispute resolution if it wishes to be ‘economic’
Briefing: Has Solvency II impacted Gibraltar’s attractiveness?
Solvency II has changed Gibraltar. Can it continue to attract insurance firms?
Price comparison websites are not driving fair value for pet insurance products
Although the pet insurance market poses opportunities for insurers and brokers, its challenges more closely align with the health insurance sector, rather than home or motor products
Gibraltar presents rock solid case for insurtechs
Insurtech startups appear to prefer to set up shop from Gibraltar than the UK – Insurance Times takes a closer look at this trend, dissecting the pros and cons
MP David Amess’ killing exposes gap in employers’ liability insurance
Could there be an opportunity for brokers to address a potential gap in employers’ liability insurance for MPs? Insurance Times finds out
Aviva likely to box clever if it chooses Lloyd’s entry
Opting to create a syndicate in a box could add another string to the insurer’s bow
Briefing: Cracking the difficult US market for insurance
HomeServe shows that the difficult US market can be cracked
Briefing: Whiplash reform is not over yet, but will part two still be fit for purpose?
The insurance industry could see details around part two of the Civil Liability Act publicised early next year, but will these long-prepared changes suit the post-pandemic landscape?
Rising material costs prompt underinsurance warning
Issues within global supply chains are pushing up the prices of raw materials, leaving brokers forced to increase policy limits to ensure repairs and rebuilding work is covered by insurers
In Focus: E-scooter ‘grey area’ creates fraud potential
Claims figures for e-scooter collisions are trickling in, but the grey area surrounding the categorisation of this vehicle could open the gates to potential fraud
Briefing: Now is a time of great opportunity on salvage for insurers and brokers
Salvage market presents an opportunity for insurers and brokers
Exploring the trade credit insurance landscape post-Covid – ABI
Business failures in the UK set to grow 33% as 2022 approaches, according to Atradius data - but what does this mean for the trade credit insurance sector?
Briefing: Insurance firms can step up to support QBE staffer tackling suicide risk
The Covid-19 pandemic firmly put mental health awareness on employers’ maps, however one insurance professional is proactively seeking to combat the rising risk of suicide
How has the Covid-19 pandemic affected HNW clients?
Ecclesiastical’s art and private client business director tells Insurance Times how high net worth clients have reacted to the ups and downs of the coronavirus crisis
Court of Appeal ruling is ‘nail in the coffin’ for undisclosed broker commissions
Premium finance provider has called for full transparency and disclosure around commissions
Credit hire companies ‘on notice’ that they are in the crosshairs for defendants’ costs
After a road traffic accident-based case heard by Leicester County Court hit headlines this year, law firm partner emphasises that legal ‘rule change is a gift to insurers wanting to fight fraud claims’
Briefing: Brokers call for clearer communications from ‘faceless’ FCA
Feedback from Insurance Times’ Broker CEO Forum shows a disconnect between the regulator and the broking sector, with many believing communications from the FCA around its pricing reform fall short
Briefing: What Sabre’s entry into motorcycle cover means for UK broking
Sabre’s entry into motorcycle insurance is good news for UK brokers
Where next for MCE following Gibraltar shake up?
MCE’s Gibraltar insurance arm is putting business into run-off. What does that mean for the Rushden-based company?
Insurtech scale up aims to crack commercial lines
The insurtech is scaling up following the launch of its no code solution last month
Briefing: MGA consolidation on the cards, but won’t have the pace of broker mergers
Broker CEO Forum attendees believe broker-owned MGAs are a ‘smart’ move, yet will innovative MGAs still be in demand when the hard market wanes?
Insurer relief as court judgement ends massive claims threat
Consumers will now have to show that they have personally suffered damage or distress
Briefing: Why the evolution of insurer e-trading matters for brokers
Insurers are devising ways to improve broker service, but not necessarily for everyone. Service triage on e-trading has been around for a while, but it is gathering pace at the large insurers.
Broker CEO Forum: ‘Unique hard market’ shows ‘fun and games’ in commercial lines
Although commercial rates are starting to ease, areas that are particularly affected by claims – such as cyber – could still see ‘strong increases’, noted delegates
Parametric products will have role to play in closing protection gaps
Broker and insurer collaboration will be vital to create parametric ‘products that will meet the challenges of new risks and rising demand’
Opinion: Competition concerns thwart Top 50 Brokers switch up
Editor Katie Scott reviews some of the predictions around this year’s Top 50 Brokers report, also considering the acquisition that could change the lay of the land next year
Briefing: Pace of technology innovation must be maintained
Insurance Times’ Tech and Innovation Awards showcased the great variety of digital solutions supporting the insurance sector
David Howden proven to be ‘an extraordinary operator’ following Aston Lark acquisition
Insurance Times speaks to the industry on Howden’s most recent purchase, which ‘on paper, looks great for all parties concerned’
Machine learning ‘is part of the answer’ in improving insurance services
MGAs are leading the pack to invest in machine learning, working to ‘deploy it far quicker into their distribution and into their business than insurers will’
Briefing: Brokers are desperate for a more public FCA - will it oblige?
The insurance industry is desperate for the FCA to become more public
In Focus: How will the increasing price yet declining availability of car parts affect the claims process?
Industry experts discuss how car part avaliability issues are affecting the claims process
In Focus: Petrol crisis fuels interest in electric vehicles
The push towards a greener future will see electric vehicles increasingly come into play, but the insurance industry still has more to learn about this mode of transport
Briefing: Supporting staff experiencing menopause can help drive diversity agenda
This month marks World Menopause Day – what is your firm doing to support female colleagues undergoing menopausal symptoms?
Briefing: Why can’t insurers innovate like MGAs?
Conversations at BrokerFest 2021 indicated that MGAs have the edge on insurers when it comes to innovation
The Big Question November 2021: How necessary is a network membership for brokers?
This year’s BrokerFest 2021 conference debated the pros and cons of broker network membership. Here, Insurance Times asks the industry how much value these organisations can really bring to brokers?
Property insurers fall to underwriting loss as Covid-19 and climate change hit hard
Business size affects insurers’ buoyancy in the property insurance market after 2020 brought business interruption claims and storm losses to firms’ doorsteps
Broker CEO Forum: Pandemic ‘upped the ante’ around staff welfare and mental health
Insurance industry has ‘a real fear’ around employee burnout, while insurtech investment indicates sector-wide ‘digital first’ focus is here to stay
Michael Sicsic: FCA’s clamp down on price walking means industry needs to ‘get its act together’
Managing director says the complexity and difficulty of the FCA’s pricing rules may push smaller brokers to seek acquisitions from bigger firms
CO2 crisis could spark fresh demand in supply chain cover
Climbing CO2 prices have put pressure on the national and global supply chain, subsequently affecting Covid-hit SMEs
Briefing: Are capacity deals earmarking potential M&A?
Plus, broker reveals that MGA service is not all it’s cracked up to be
Briefing: Howden breaks ground with Aston Lark - but there are risks
Howden has become a huge player in the UK commercial market with its Aston Lark deal, but there are risks
What are the most profitable schemes for brokers emerging from the pandemic?
Caravan and trailer schemes saw the largest increase in premium volumes over the last six months, reflecting the pandemic-related staycation boom over the summer months
Briefing: Are MGAs stealing the service limelight from insurers?
Feedback from brokers at BrokerFest 2021 highlights lagging insurer service and a greater appetite to work with MGAs in their stead – will these businesses cash in on this gift-wrapped opportunity?
Briefing: Insurers let brokers down - what is the answer?
Brokers are angry at poor insurer service during the pandemic
Clarity over ‘excessive’ administration fees vital as FCA tightens rules
Following the FCA warning that firms are struggling to meet its deadline for the implementation of new fair value rules, the debate over broker administration fees and potential double charging has intensified
Opinion: Report highlights post-pandemic leadership reshuffle
Editor Katie Scott mulls whether the onslaught of recent insurer boss changes will impact on business strategies for 2022, especially following the FCA’s final deadline for its fair value changes
Briefing: Unpicking industry challenges at BrokerFest 2021
On Monday, brokers will hear a pandemic case study from commercial wheels broker McCarron Coates, as well as have the option to learn about the current lay of the land in high net worth
Briefing: The mystery of flat top 50 broker earning margins
This year’s Top 50 Brokers report brings some interesting points for discussion around finances
Insurers face climate challenges from all sides amid fossil fuel dilemma
As COP26 approaches, insurers’ work to address climate change faces scrutiny while campaigners bid for insurance support to be withdrawn from fossil fuel commercial policyholders
Fraud Charter: Interim remediation is ‘vital’ while Online Safety Bill progresses
Carpenters Group moves to exert pressure and open debate between the UK government and the insurance industry around ad spoofing
Briefing: Size is important when it comes to being resilient to the FCA’s GI pricing reform
Webinar panellists emphasise that firms cannot assume how their customers will behave post-reform, with switching still rife even if consumers are offered lower prices
Sequel to expand insurance offering following acquisition of Ignite
The businesses plan to combine knowledge and expand their insurance offering
Briefing: FCA value and pricing reform throws up big questions – but there is help
The FCA pricing reform deadline is fast approaching this Friday, but there is help in answering the key questions
Fraud Charter: Online Injury Claim portal could be ‘fraud hotbed’ but figures down
The data from the new OIC portal could be a ’real positive’ for the insurance industry, but it needs to be handled with care
The Big Question October 2021: What M&A trends will the industry see in the next year?
M&A has been key for many businesses over the past 12 months, despite the economic squeeze from Covid-19. Insurance Times asks the industry to reveal what deal trends it expects to see in the year ahead
In Focus: What are your concerns regarding the longevity and stability of capacity arrangements for MGAs?
Three industry experts discuss capacity arrangements in the MGA market, outlining innovative future options and current frustrations
In Focus: Data is a ‘hygiene factor’ for MGAs, but claims handling lagging behind technological curve
The insurance industry is sitting on mountains of data – used wisely, it could be the silver bullet that makes an MGA successful
Green parts strike environmental and economic gold – so why are insurers holding back?
As the UK focuses on minimising CO2 emissions, the insurance industry can contribute and ’reset the goalposts’ around repair processes and parts manufacturing
Briefing: Incoming Highway Code changes signal ‘potential growth area for fraud’
The ‘perfect storm’ of vulnerable road user claims falling outside of the OIC portal and a general lack of awareness around the proposed rule changes could create a new ‘target area’ for fraudsters
Briefing: Evergrande crisis shows fragility of system
Chinese property giant exposures cause concern
Brokers investing in technology set to continue as ‘face-to-face broking not fundamentally necessary’
Technology has been vital during the Covid-19 pandemic as the insurance industry embraced remote working, but will broker investment in technology continue?
Gibraltar: Light touch regulator or rock steady market of the future?
Solvency II requirements have ‘levelled the playing field’ between the Gibraltar and UK insurance markets, according to exclusive insight from Insurance DataLab and Insurance Times
Underwriters ‘better make the right automation choice’ or risk ‘serious systematic error’
Insurance Times explores how underwriters can successfully use automation, highlighting the challenges and benefits to be aware of
Briefing: ‘Radical fresh thinking’ is required to tackle ‘connected’ risks and protection gaps
The industry is facing ‘a battle to stay relevant in the face of systemic risks that look to be beyond the scope of traditional insurance solutions’, says law firm report
Briefing: MGAs shine in broker survey…but a big concern remains
MGAs shine in survey, but brokers do have concerns
Travel resumes post-lockdown – but what is the impact on fraudulent holiday sickness claims?
In the past, fake holiday sickness claims cost the travel sector ‘hundreds of millions of pounds’. Will coronavirus now contribute to this as holidaymakers once again venture outside the UK?
Space tourism launches opportunities for insurance market
Due to being ‘at the very start of space tourism’, there is currently ‘a lack of data’ to inform underwriting – but there is demand for cover from ultra high net worth travellers
Briefing: Will ADS safety rating put brakes on government’s automated driving push?
Industry commentators still have questions around the safety of technology such as ALKS, however the UK government is eager to have automated driving on Britain’s roads this year
How tapping behavioural science technology can help support vulnerable customers
Behavioural science technology could reduce uncertainty in the claims process as well as help unpick how to better communicate with vulnerable customers
Briefing: The tortured relationship of brokers and the FCA
Latest FCA regulation around fair pricing and value is straining broker relations
October deadline for FCA GI pricing changes is ‘a rude awakening’ for brokers
The first batch of changes from the FCA’s pricing reforms are coming into effect at the end of this month, but industry commentators fear brokers won’t be ready
Opinion: Bottom lines boosted in 2021’s H1, but what does H2 have in store?
Many insurers have bounced back financially from the Covid-19 pandemic in the first six months of 2021, yet uncertainty around upcoming claims trends means bottom lines are not out of the woods yet
Briefing: Addressing emerging geopolitical risks is ‘major growth opportunity for insurers’
New Lloyd’s report calls for innovation around insurance for geopolitical risks as it identifies 10 ‘paradigm shift’ factors that could affect whether current cover is still fit for purpose
Electric vehicles prompt drive for data as underwriters define approach
The appeal of electric vehicles is on the rise - as are the numbers of these cars on the roads – but a lack of data and expensive repair costs are testing the industry’s response
Briefing: Admin fees are a massive issue the FCA must address
Administration fees will be in the firing line as FCA deadline on pricing reform looms
Temporary motor insurance offers fraudsters ‘vast and immediate opportunities to exploit’
The Covid-19 pandemic has caused a shift in different types of crash for cash fraud – Insurance Times finds out what this means for the insurance industry
Insurance sector must tap into ‘powerful tool’ of PR to repair reputation
The Covid-19 pandemic hit the industry’s reputation hard – now, the sector is scrambling to get to grips with expectation gaps and marketing in a bid to boost customer relationships
Insurance sector needs to do more to attract talent from outside the industry
‘The outdated image of the insurance salesman has long gone’ as the sector works to engage talent with a focus on ‘future gazing’
Briefing: FCA must ‘up the ante’ on GI pricing reform to combat ‘very slow’ industry engagement
The regulator attempts to gee up insurance businesses ahead of its first GI pricing reform deadline with scathing multi-firm review – but will publishing ‘shortcomings’ galvanise industry action?
Briefing: Why Zurich is having a purple patch
Zurich is showing promise in both the UK and group wide
Insurance sector still to demonstrate ‘meaningful change’ around diversity and inclusion
The Dive In 2021 festival will reveal a ‘big pool of talent that people don’t realise they are not tapping’
Top five Lloyd’s managing agents fall to underwriting loss as Covid hits hard
Insurance DataLab gets behind the numbers of Lloyd’s largest managing agents exclusively for Insurance Times – the stats show that coronavirus-driven losses are still sucker punching businesses
Insurance industry witnesses ‘large drop in appetite for terrorism cover’
While some companies are ‘burying their heads in the sand’, there is an opportunity for brokers to ‘play a critical role in educating their clients’, adds Burns and Wilcox head of terrorism
In Focus: The future of etrading – Broker management systems v extranets
With technology constantly evolving, Insurance Times takes a deep dive into the pros and cons of both insurer extranets and software house broker management systems
In Focus: What features do brokers want to see on software platforms?
Industry commentators discuss what innovation they would like to see on broker software platforms
Briefing: Aviva delights shareholders, but long-term questions remain
Chief executive Amanda Blanc’s long-term vision for Aviva remains in question
Ghost broking continues to be a ‘substantial problem’ for the industry
As the IFB warns new and younger drivers about bogus car insurance policies, Insurance Times finds out what this means for the industry
Biba seeks to extend signposting reach to improve access to insurance
Increasing amounts of data and the impact of the pandemic are making it ‘increasingly difficult’ for insurance seekers to obtain cover, adds committee chair
The Big Question September 2021: How can the insurance industry best marry technology and a human touch?
Automation in the insurance sector is booming as many businesses continue to invest in digitalisation. Insurance Times asks how the industry can effectively combine technology and a human touch
Briefing: Commercial brokers ‘severely’ affected by FCA pricing reform, yet they are ‘not engaging’
Commercial lines brokers cannot afford to have their heads in the sand thinking the incoming FCA general insurance pricing reform will only impact personal lines brokers
Briefing: Pandemic predators - private equity dominance sparks concerns
Private equity is seen by some as predators of the pandemic, buying UK firms cheaply. Is it time for reform?
Spoof ads rife for insurers and brokers despite Google crack down
The FCA seeks to resolve ’the root cause’ of fraudulent adverts. But the government’s Online Safety Bill needs to be broadened if it is to play an important role here
Brokers embrace consolidation talent fallout
Opportunities are afoot for independent brokers to secure the cream of the crop in broking talent as consolidation tsunami leaves talent ‘deeply disenfranchised’ with new ownership
Driver education needed to reduce motor claims frequency and severity post-Freedom Day
Industry commentators debate how changing commuting patterns could impact motor claims
Briefing: Will anyone admit to price walking?
Transparency around remedying price walking practices could provide a reputational boost, but will any businesses ‘fess up and make their strategy changes public?
Briefing: Can offering a good customer experience lead to higher profits?
There’s always been talk of how good customer service can work wonders for your bottom line, so I’ve done the maths to find out the real impact of customer experience on underwriting profits
‘More to be done’ by insurance industry alongside government’s ‘ambitious’ flood investment plan
Following the publication of the government’s Flood and Coastal Erosion Investment Plan last month, industry commentators explain what the report might mean for the insurance sector
Brokers could play a ‘significant role’ in tackling ghost broking
As reported losses for ghost broking victims being higher for younger people who are often targeted via social media according to Action Fraud, brokers could play a crucial role in stamping out this crime
Briefing: ‘Astonishing’ industry change can’t distract from claims focus
The insurance sector is changing faster than British summertime weather – staying ahead of evolving claims trends, therefore, becomes a business imperative
Ransomware surge could see cyber become next Covid-related crisis
Cyber-linked business interruption cover ’should be viewed as vital’ as research confirms that 17% of UK businesses have experienced more cyber attacks since Covid-introduced homeworking measures
Briefing: London market is still wrestling with its future as Freedom Day arrives
London market brokers query hybrid working models, while syndicates ponder whether Lloyd’s blueprint investment will pay off
OIC portal ‘does not work as well’ as previous MoJ process for whiplash claims
Insurance Times speaks to industry commentators on the early trends that are arising following the Official Injury Claim portal’s launch at the end of May
FCA’s latest business plan presents ‘quite a warning for the industry’
New chief exec Nikhil Rathi has this month published his first business plan for the regulator – Insurance Times finds out what it really means for the industry
Taskforce intent on ‘ripping up’ regulation ‘rule book’ – what is the impact on UK GI?
For example, the proposed expansion of open finance suggested by the TIGRR could have a ‘big impact on the broker market’ as it paves the way for ‘a new type of tech-savvy intermediary’
Briefing: Covid costs now hitting reinsurance bottom line
Covid-19, Solvency II and ESG factors will all be influencing global multiline insurers’ balance sheets, says S&P Global Ratings
Briefing: Why Admiral continues to be the darling of UK insurance stocks
Described as a ’golden nugget in muddy water’, is Admiral the shareholder gift that keeps on giving?
Breakingbury v Croad judgment could spark negligence claims increase
CFC’s Chris Comerford tells Insurance Times why he believes this judgment might open the doors to vicarious liability claims becoming commonplace as the CQC cracks down on insurance checks
Covid-19 creates tangible opportunities for intellectual property insurance
The pandemic has led to an ‘opportunity for brokers to work with clients to protect their intangible assets, which increasingly are at the heart of [a] company’s worth’
Briefing: Aon-WTW merger still hitting snags amid broader consolidation landscape
Aon still has its work cut out for it if it wants to complete its purchase of Willis Towers Watson and mitigate market competition worries – however, will competition concerns increase across the piece as a result of the recent consolidation uptick?
Briefing: What five SME products could come under the FCA’s fair value microscope?
The first deadline surrounding the FCA’s general insurance pricing reform is approaching fast - insurers and brokers must consider the implications on SME products if they haven’t done so already
Insurers ‘lack understanding’ of fast-evolving cryptocurrency market
With demand for cryptocurrency cover accelerating, only insurance firms with ‘mature risk management processes and controls’ will be able to succeed in this line of business, says broker
Covid-19 set to make future Olympic cover a non-runner
As athletes arrive in Tokyo for the summer Olympic Games, the postponement of the event for 12 months has already cost the insurance industry dear
Briefing: Insurance bosses must speak out about office return
As Boris Johnson announces the lifting of the UK’s lockdown regime, managing the juxtaposition of home versus office working in line with employee expectations is an imperative for insurance leaders
Briefing: Solvency II and GDPR face big shake up amid Tory post-Brexit war cry
MP Iain Duncan Smith leads the charge on radical post-Brexit insurance plans
Briefing: Fair value ‘fault line’ underpins FCA’s GI pricing proposals
The FCA may have ‘unleashed the concept’ around fair value, but now firms have to interpret this and embed it within their business practices, which isn’t an overnight job
Opinion: Story of pandemic winners and losers still being written
Despite Covid-19 being a part of daily life in the UK for the past 17 months, winners and losers connected to the pandemic are still surfacing noticeably in the insurance sector, says editor Katie Scott
Insurtech sector sees 2021 unicorn boom as pandemic accelerates digital focus
Funding for insurtechs has historically been a struggle, but industry commentators believe investment opportunities are on the up thanks to the technology focus brought about by the Covid-19 pandemic
Briefing: Ardonagh breathing down Gallagher’s neck in top 50 broker race
The data collection for this year’s Insurance Times/IMAS Top 50 Brokers report is getting underway - the top spots are still to play for
Brokerbility ‘surprised’ by RSA’s broker service survey results
The network’s executive chairman said ‘distraction was always going to feature’ thanks to both RSA’s takeover and Covid-related business interruption claims
The Big Question July – August 2021: With mental health in mind, what should the insurance industry consider as staff return to the office post-lockdown?
With lockdown restrictions easing, many people are no longer working from home. With employees’ mental health in mind, Insurance Times asks the sector what it should consider as staff return to the office post-pandemic
Briefing: Time is running out for summer festivals seeking Covid inclusive event cancellation cover
A new report by the Public Accounts Committee recognises that festivals are facing a ‘survival threat’ without adequate insurance for Covid-linked event cancellation
Briefing: What exactly is Aviva’s activist investor Cevian up to?
An activist investor is stepping up pressure. But does it have anything new to offer?
In Focus: How will insurers take the BI test case ruling forward post-pandemic?
Industry experts debate how insurers might apply the FCA’s business interruption (BI) test case ruling in a post-pandemic era, as July marks one year since the High Court’s virtual hearing
Top insurers and brokers for customer experience revealed
While motor insurers battle it out for first place when it comes to customer experience, Insurance DataLab showcases the impact of poor complaints handling on CX, analysing whether brokers or insurers have the upper hand statistically
Briefing: Test case was tip of the iceberg as insurers continue to wade through BI claims
Time flies when your claims function is inundated with business interruption claims – this week marks a year since the FCA’s initial test case hearing
In Focus: Broker litigation ‘inevitable’ one year on from FCA’s BI test case
Brokers are ’still squeaky about whether they advised their customers correctly about the products they were buying’
Briefing: Gefion bankrupt - why do brokers lose their senses with unrated insurers?
Gefion’s bankruptcy repeats the familiar tale of unrated insurers
Industry braces as full effect of pandemic and whiplash claims reform coinciding yet to be seen
Long Covid could add an extra layer to coronavirus disease claims, however establishing causation will prove difficult, says roundtable attendees
Briefing: Industry ‘nervous’ about potential ‘avalanche of claims’ missing from OIC portal
At long last, the Official Injury Claim portal is here. Insurance Times’s Fraud Charter attendees reveal current concerns with its functionality amid low claims notifications
Briefing: Aviva, Allianz, RSA and AXA - who’s top and why it matters
Insurance Times places Aviva, RSA, AXA and Allianz under the microscope on underwriting combined ratios
Lloyd’s boss John Neal has ‘big ambition’ to build the most advanced insurance marketplace
Neal says he is ’particularly encouraged by the human spirit of colleagues across the market during an exceptionally tough period’
Opinion: Claims shop window applauded for pandemic-driven innovation
Editor Katie Scott explains why this year, celebrating claims excellence is all the more pertinent
Etrading assists broker resilience, but delayed referral times cause frustration
Etrading rather than ‘e-transacting’ needs to be the focus moving forward if insurers and brokers are ‘to really develop a meaningful understanding of the business and opportunities’
Fraudsters unafraid to ‘exploit hard times’ for insurance scams
Insurance industry needs more time to understand the ‘ripple effects’ of recession-induced fraud
Briefing: Brokers’ purse strings threatened by PI cover costs
The FCA’s test case has contributed to broker PI being ‘in a very, very difficult position’ says network MD, as Covid exclusions also cause costs to escalate
Soaring professional indemnity insurance pricing and low trust creates ‘perfect storm’
An expert panel at Biba’s conference last month discusses the current state of the professional indemnity insurance market
Briefing: This is the biggest problem with MGAs…
The market is changing and MGAs have a big issue
Price walking proposals ‘eclipsed’ fair value impact on SME insurance
Brokers still have a lot to discuss ahead of implementing the FCA’s proposals on fair value this year, including considerations around commissions
In Focus: How are broker schemes innovating to accommodate new risks?
Industry experts discuss the ways in which broker schemes are innovating to cover new risks, such as SMEs, e-scooters and short term rental accommodation
The Big Question June 2021: What steps are insurance firms taking to combat climate change?
ShareAction’s latest data revealed that insurance companies are failing to use their influence to fight climate change. In response to this and in recognition of World Environment Day this June, Insurance Times asks insurance businesses what action they are taking to reduce damage to the planet
Data enrichment is a ‘great opportunity’ for insurers to ‘sharpen their pencil’
Moving past the pandemic, industry improvements will be data led, says analytics company
Briefing: Amid senior exits at Aviva UKGI, what’s really going on?
Aviva has had a hat-trick of senior exits. What is going on?
Top five insurers ranked on underwriting performance – which is the most profitable?
The latest analysis of insurers’ SFCRs for 2020 has revealed that being the biggest business is not always best. Insurance Times and Insurance DataLab take a closer look at the financial results from the five biggest underwriters…
In Focus: Hard market and Covid-19 brings brokers more schemes opportunities
Fallout from the Covid-19 pandemic has pushed schemes for SMEs up the agenda, with ’brokers looking at this closer than ever’
Briefing: Faltering RSA can take inspiration from Zurich on broker service
RSA came bottom across all of Insurance Times’s broker service surveys. Where does it go from here?
Brokers continue to look to carriers as they seek senior staff
The arrival of Aviva’s former chief distribution officer Phil Bayles at Ardonagh Advisory is the latest in a line of senior insurance figures that have moved from carrier to broker
Covid uncertainty connected to premium finance uptick
Following a collaborative research project between Close Brothers Premium Finance and Insurance Times, two experts discuss how finance options could be vital post-pandemic as businesses consider their cash flow
Covid-19 creates new risks as staff return to the workplace
As the UK prepares for a return to the workplace, insurers are faced with demands from employers for advice on a range of emerging risks that will accompany the new normal post-pandemic
C-suite support vital for digital transformation to avoid ‘chaos’
To deliver digital transformation, ’both practical and emotional support’ is needed from c-suite executives – otherwise change is ‘impossible’
Elizabeth Linder: Insurance firms must stay on top of unregulated social media
With more brokers and insurers using social media to widen their customer pool, ex-Facebook’s Elizabeth Linder discusses what firms need to be aware of
Google’s big plan to accelerate insurance sector’s data evolution
’Data analytics in the insurance industry is a game changing moment’ because it enables firms to ’connect information with levels of granularity’, according to Google’s Dr Henna Karna
Briefing: Phil Bayles exits Aviva - why do insurer chiefs leave for brokers?
Aviva’s Phil Bayles is the latest insurer name to join the broking world - what can we make of this move?
Matt Brewis: Brokers have a key role to play in providing clarity and data
FCA director says the regulator is ‘suffering’ and needs ’to have a new approach for how we operate in the future’
Briefing: The escalating etrading issue that is costing brokers millions
Brokers are suffering on an etrading issue, which is hurting their business
Biba 2021: Day One
An expert panel at Biba’s conference yesterday debated the issues that arose from coronavirus-linked BI claims, and highlighted related upcoming issues
Briefing: Brokers’ risk management role is key in preventing ‘contentious’ cyber ransom payments
The recent Colonial Pipeline cyber attack should act as a ‘wake-up call’ for businesses to better prepare for this emerging risk – and brokers are fundamental in laying risk mitigation groundwork
James Wright: New digital unit aims to give ‘our underwriters superpowers’
Insurers must get ‘comfortable with uncertainty and failure’ if they are to succeed in today’s fast-changing, tech-driven insurance environment, adds software consultant
Covid-19 tests brokers’ resilience in reshaping business practices
The past year has been a ‘moment for reflection’ for the insurance industry, as the sector has had ‘to have a cold, hard look at itself’ following pandemic challenges
Opinion: Hard graft ahead as brokers cement post-pandemic role
Editor Katie Scott explains why resilience is still important as the UK starts to exit the Covid-19 lockdown, compared to last year’s pandemic peak
‘Flexibility’ is key in gaining and retaining young talent – Tysers Insurance Brokers
There’s ‘an amazing opportunity ahead’ for the next generation planning a career in insurance, said expert panel
Briefing: Henderson-Aon deal shows consequences of consolidation
Joe Henderson’s new broker is a direct rival to Aon - and there are consequences
Briefing: Industry and government at loggerheads over ALKS
While the insurance industry is raising red flags over safety concerns, the government is determined to push ahead with autonomous driving technology – it will all come down to public perception
Peers debate whether whiplash injury tariff rates are ‘fundamentally flawed’ or ‘the right level’
Last week’s House of Lords debate revealed mixed perspectives from peers, however some are concerned that extra minor injuries added to whiplash claims may ‘dilute’ the effects of the planned reforms
The Big Question May 2021: How can the industry work to remove barriers and become more accessible for millennials?
Millennials, the first digitally raised generation, continue to shape and change entire industries. Continuing discussions from Insurance2025, Insurance Times asks the sector how it can meet growing demands for modernisation from younger people
D&O market challenges remain as capacity and conditions still a concern
Underwriters are ‘wary’ of claims against board members, therefore brokers must work to differentiate their clients’ risks
In Focus: What are the most pressing issues for the insurance sector post-pandemic?
The four panel chairs of Biba’s upcoming annual conference in May discuss the most urgent challenges for the insurance industry, as well as explain what the trade body’s annual conference means to them
Amazon’s latest partnership could mend insurance sector's broken trust
Industry experts debate Amazon Business’s latest partnership with Next Insurance and what it means for insurtechs
Briefing: Consolidation could cause culture concerns for broker staff
The rapid-fire of broker consolidation has caused the subject to be placed under the industry’s microscope, with commentators discussing the good, the bad and the potentially ugly…
Briefing: FCA’s ‘fair value’ is huge challenge for SME insurance
SME is also included in the FCA’s changes on pricing and product value
What are the most profitable schemes and growth opportunities for brokers?
Although not tipped as the best performing scheme year-on-year, contractors all risks cover represents a ‘market opportunity for brokers’ as the UK exits lockdown
Aon-WTW merger comes down to divestment deals
Smaller brokers may be able to pick up bargains as Aon and WTW look to dispose operations to get merger green light
James York: Open insurance is an opportunity, but buyer centricity is vital
Insurtech founder says the industry must ’step up’ because open insurance presents many benefits
Insurance2025: Insurance Industry Keynotes, 2021
Broker and insurers that work well together will succeed in innovation around risk, says insurer GI chief executive
Briefing: Firms must show consistency to rebuild client trust
As the industry emerges from the tangle of policy wordings unraveled during the FCA’s business interruption action, the case for consistency from insurance businesses has never been clearer
Briefing: The complexity of the home working revolution
Home working sounds great, but it has risks
Ian Hughes: ‘Brutal’ changes set to hit insurance sector as FCA uses its teeth
The FCA’s pricing reform will initiate ‘a fundamental shift of culture’ – it’s imperative that brokers and insurers ‘lean in’, says chief executive
Insurance2025: Personal Lines Keynotes, 2021
Firms’ differing interpretations and pace of change ahead of the FCA’s pricing reform deadlines could pose problems as the industry seeks to eliminate price walking
Boosting business through benchmarking insights
Identifying areas for improvement in claims has become a differentiator thanks to Covid-19 and the whiplash reforms
Opinion: Broking leaders must consider succession snags
Howard Lickens, executive chairman of broking business The Clear Group explains the potential pain points for internal succession solutions and what today’s leaders need to consider ahead of their exit
Travel insurance sector faces capacity concerns post-pandemic
As the travel industry gears up to reopen post-lockdown, a spike in claims could impact insurance capacity
Briefing: Intangible asset underinsurance offers post-pandemic opportunity
The Covid-19 spotlight has illuminated the protection gap around intangible assets – this is a wake-up call the sector can’t ignore
Government must take leap of faith to mend ‘gaping hole’ in cover for live events
Industry figures beg the government to seriously consider state-backed insurance scheme as the commercial insurance market for events cancellation is ‘unlikely’ to mobilise until 2022
Briefing: Covid, capacity and poor insurer service continues to pose problems for brokers
Recent research compiled by Insurance Times and Close Brothers Premium Finance reveals what major challenges brokers are watching right now
Industry demands change to build sustainable construction PI market
Trade association believes historic liabilities following 2017’s Grenfell Tower tragedy will lead to current claims exposure for insurers providing professional indemnity within the construction sector
Briefing: We are all now worried about the FCA
Brokers are losing faith in the FCA amid rising fees and levies against a backdrop of carrier failures
Industry must take ownership of SMCR rules to embed successful culture change
Now that the March deadline for insurance intermediaries to implement SMCR has passed, senior leaders must set the ‘tone from the top’ and look to employee behaviour
Regulation ‘bigger threat’ to brokers’ business than Covid-19
Brokers react as the FSCS supplementary levy turned the dial on increasing costs amid a landscape strewn with professional indemnity struggles and Covid-caused complications
Briefing: Pandemic impact on financial results is not over yet
Insurers’ 2020 full-year financial results show an economic landscape strewn with losses and colossal Covid claims costs. This will undoubtedly carry over into 2021 in some capacity, wrecking further trouble on balance sheets
Opinion: Root causes need to be wormed out if levy growth is to be stunted
Editor Katie Scott discusses brokers’ financial tight spot - escalating FSCS levy costs partnered with pandemic and Brexit uncertainty leaves many businesses between a rock and a hard place
Briefing: Goldman Sachs gives Aston Lark big firepower
Bank backing is unusual in the broker market, as private equity remains the dominant source of capital
In Focus: New whiplash portal on the horizon – but are firms ready?
The countdown until the launch of the new Official Injury Claim portal has finally begun following February’s regulations – Insurance Times explores whether firms are operationally ready for the upcoming changes and what work is still left to do
D&O demand set to soar as UK audit regime puts directors in the spotlight
Sweeping new reforms for Britain’s biggest businesses are set to place greater responsibility on directors and officers to ensure the accuracy of their firms’ financial reporting – or face harsh penalties
Insurtechs warn insurers of pandemic ‘complications’ to flood claims
Policyholders need to adopt flood resilience measures in the same way they would implement safety tools to protect against burglary, says Previsico’s chief executive
In Focus: What unintended consequences could follow the implementation of the Official Injury Claim portal in May?
After a number of delays, the deadline for the new Official Injury Claim portal is looming, industry commentators explore whether the new portal will hit the mark, or fall short for claimants
Industry reacts to ‘far-reaching’ implications of FCA’s price walking remedies
Although the industry supports the aims of the FCA’s pricing review, there are unintended consequences that must be considered by the regulator and insurers alike
Briefing: Fraud red flag will remain for personal injury claims despite OIC portal launch
Personal injury fraud is ready for its next evolution as the countdown to 31 May continues
Briefing: Intact is excellent, but faces big challenge with RSA buy
RSA’s new owner Intact will need to woo brokers
Covid-19 pandemic exacerbates fine art insurance’s hard market conditions
The art sector is heavily reliant on social contact, so the uncertainty of the coronavirus lockdowns have created added risks and challenges from pushing sales online
Briefing: FCA could be setting sector up to fail with four-month pricing implementation period
The FCA took its time crafting the foundations of its general insurance pricing review, however it expects insurance businesses to turn around rule changes on the double – surely it’s in nobody’s interest to rush such a pivotal market change?
The Big Question April 2021: How can the insurance industry apply the key learnings from Lloyd’s most recent culture survey?
In March, Lloyd’s of London published its 2020 culture survey. While it revealed some progress on gender – race and ethnicity still needs to be addressed. Insurance Times asks the industry how they could apply the survey’s key learnings within their own organisations
The Building Safety Bill – what insurers and brokers need to know
With the Building Safety Bill set to pass in 2023, law firm Weightmans debates the changes this will bring and the resulting impact on the insurance industry
Briefing: The three crucial questions that lead to successful innovation
For those looking to throw their hat into the ring this awards season, Insurance Times’s content director shares his ”quick and dirty” innovation test
Brexit unlocks opportunities for solvency II reform
Industry commentators believe there is ‘room for improvement’ around the solvency II regulations as Brexit heralds an opportunity to shape the rules to better suit UK businesses
The Insurance Times Premium Finance Report 2021 is now available
Brokers share their perspectives on premium finance in Insurance Times’s latest exclusive report
Top women in insurtech weigh in on diversity and inclusion debate
Insurance Times speaks to some of the top women in insurtech in honour of International Women’s Day this month, spotlighting individual contributions to the sector as well as unpicking the value of having a diverse workforce
‘Unintended consequences’ of whiplash reforms inevitable says MoJ
At Insurance Times’s first Fraud Charter event of the year - held virtually - delegates debated the ins and outs of the new whiplash portal
No code technology – an untapped opportunity for the insurance sector?
No code technology could be an untapped opportunity for the insurance industry and the London market at a time when digitalisation is vital due to homeworking.
Esure swings back to profit as insurer aims to ‘leapfrog’ rivals
The insurer’s chief executive believes that technology and data science is the key to winning insurance’s ’game of small inches’
Briefing: Amanda Blanc’s strong Aviva start buys herself time
Amanda Blanc has certainly put firepower behind her promises to make changes “at pace” since stepping up to the helm at Aviva. However, success will hinge on her plans for the UK business, where the devil is undoubtedly in the detail…
Insurers must revisit unclear policy wordings to ‘rebuild bridges with customers’
The FCA’s test case action brought ambiguous business interruption policy wordings to the fore, however the final judgment will very likely have ramifications across numerous lines of business. Insurance Times takes a closer look at the impact on insurers and brokers
Briefing: Will CMCs morph to adopt motor focus post-whiplash reforms?
This month’s Fraud Charter virtual roundtable unpicked how claims management companies could evolve following the implementation of the first part of the whiplash reforms in May – it appears there is still fertile ground here for the FCA to tend
Flood deal spotlights the need for a proactive approach
Swiss Re’s latest flood partnership gives visibility to the fact that data is becoming increasingly vital in the proactive management of flood risks
Industry network urges insurance sector to enhance equality
African-Caribbean Insurance Network co-founder emphasised that ‘diversity without inclusion is just box-ticking, but companies that are both diverse and inclusive achieve appreciably better bottom line results’
‘Broken’ insurance industry must find fire insurance solution following Grenfell
Brokers attempt to pick up the pieces as insurers shun high-rise block exposures, however broker trade body believes it would be ‘disappointing’ if the industry failed to find a workable solution for a risk the sector has been insuring for centuries
Opinion: Test case opens industry’s eyes to depth of expectation gap
Editor Katie Scott believes the momentum around getting to grips with the expectation gap has escalated following the FCA’s test case result - insurance leaders are now preparing to tackle this head on for 2021
Briefing: Insurers facing broker backlash for Covid service
Insurance Times Five Star Rating Report: Commercial Lines is about to be released. This broker survey of insurer service will show some players are performing poorly
GRP to supercharge growth of Marsh UK Networks amid acquisition spree
Mike Bruce, chief executive at GRP, tells Insurance Times about his plans for 2021 following three acquisitions in the first quarter of the year
Briefing: Will cyber insurance be the casualty of the next ‘black swan’ event?
The issues surrounding business interruption cover linked to pandemic-caused claims hit insurers and hit them hard. It’s only natural, therefore, to want to look ahead to other products that may follow the same trajectory if another black swan event arises - and cyber insurance has “certain parallels” according to the ...
In Focus: What challenges will insurtechs face in 2021?
Last year rocked the insurtech industry, as it did the whole insurance sector, due to the Covid-19 pandemic. But what does 2021 hold for this part of the market and what challenges will need to be addressed? Industry experts share their perspectives…
Reform ban on pre-medical offers could lead to arrangements that aren’t ‘in the spirit of the rules’
As the government confirms that pre-medical offers will not be allowed for whiplash injuries after 31 May, Insurance Times explores how insurers may seek to circumvent this
Lloyd’s to set ethnicity targets to combat culture concerns
The market’s chief executive emphasised that Lloyd’s was keen to ‘create an inclusive and inspiring culture for all’
The Big Question March 2021: How do the current market conditions compare to previous ones for professional liability classes?
With the UK set for an economic downturn amid Covid-19, professional liability classes have had quite a ride as a result. Insurance Times asked industry experts how the current market compares to previous ones for this line of business
Briefing: FCA prepares to bare teeth over the treatment of vulnerable customers
New guidance from the regulator points to greater monitoring and oversight of firms’ treatment of vulnerable customers as part of its supervisory approach – will this change be welcomed, or viewed as another regulatory burden?
Government’s plan to reverse EU Vnuk law – risky or ‘positive development’ for insurance?
With the UK government planning to scrap the Vnuk law, what does this mean for the insurance industry’s plans to cover micromobility, such as e-scooters? Insurance Times finds out
BI claims set to place ‘huge burden’ on loss adjusters following Supreme Court ruling
As well as new business interruption claims, many loss adjusters and assessors are also seeing an influx in ‘resurrected’ claims that have been awaiting the appeals judgment before being progressed
Prince Charles warns insurance industry to speed up progress around climate change
The Prince of Wales emphasised that there has to be ‘a move to net zero ambitions on the underwriting side, so that insurance companies can take action and drive change with their clients across the economy’
Allianz Insurance exposed to BI claims through broker wordings
Chief executive adds that the insurer has seen 3,000 new business interruption claims following the Supreme Court’s judgment in January
Aon-WTW merger – a Gordian Knot the market has yet to fully unravel
The $30bn broker mega-merger of Aon and Willis Towers Watson is making slow progress towards completion. However, the market is still struggling to understand what impact it will have for the future
Covid-driven digital shift opens door of opportunity for new brokers
The Covid-19 pandemic has fast-tracked the use of digital solutions in broking. Insurance Times explores how digital shifts during the pandemic has opened up the market for new broker opportunities
Briefing: The Covid-19 pandemic ‘has become far less of an acceptable excuse for poor service’
While the industry debates service standards during the reign of Covid-19, Insurance Times editor advocates embracing the ‘new normal’ rather than longing for pre-pandemic days
Firms exposed to underinsurance as reputation becomes ‘massively growing risk issue’
Reputation-related insurance products are expected to become a ‘staple’ within the next five years as this risk becomes a rising agenda item for businesses
Standardisation: a route to greater transparency or ‘stifling’ for competition?
Standardising policy wordings may be considered a ‘dangerous road’ by some in the industry, but could some standardised elements support the push for improved transparency and policyholder understanding?
Briefing: Personal lines brokers stuggle with pricing on three fronts
Personal lines brokers surveyed in our five-star report reveal their pricing challenges
Amazon’s Ring incidences expose cyber insurance inconsistencies and new IoT risks
Insurance Times explores the emerging risks from Internet of Things’ devices, as well as how it could be an opportunity for brokers and insurers
Lockdown mitigates claims impact of Beast from the East II
Policyholders staying at home during lockdown are better able to combat potential escape of water claims resulting from the recent snowfall, but commercial clients may still be at risk following lockdown-induced business closures
‘Testing times’ ahead for Covid-related employment liability claims
Industry voices believe a boom in employment liability claims is on the horizon. Insurance Times explores the Covid-19-related drivers behind the trend as well as what insurers and employers need to consider to mitigate claims
Briefing: Insurance firms must adopt a people-centric approach to beat ‘lockdown fatigue’
In the privacy of our own homes, it may feel like lockdown is never going to end. However, employers must be proactive in shooing away fatigue-focused thoughts if they want their businesses to succeed in the long-term
Visually and mobility impaired pedestrians are ‘most vulnerable’ in e-scooter incidents – Weightmans
A panel of insurance industry experts discuss the safety criteria around e-scooters and vulnerable road users, as well as the use of data from the ongoing government trials
Briefing: What do Aon, Gallagher and Marsh really pay for acquisitions?
Marsh, Aon, Willis appear to pay high multiples for their acquistions targets in the UK. But what is really going on?
Greater data analytics gives FCA ‘finger on the pulse’ of GI market
Insurance Times explores what the FCA’s increased use of data analytics could mean for brokers and insurers as the regulator learns more about the firms it supervises
The inside story of Gallagher’s Bollington acquisition
Insiders talk about Gallagher’s deal and the strength it showed in snapping up Bollington
FCA test case ruling sends shockwaves through insurance industry
The outcome of the FCA business interruption test case appeal will create a series of intended and unintended consequences for insurers and policyholders alike
Challenge-laden high street weighs heavily on trade credit insurers – but could premium finance be a solution?
With the Covid-19 pandemic continuing and non-essential retailers being plunged into lockdown again, Insurance Times explores the implications and challenges that the insurance industry are facing
Briefing: Has the drive for transparency come too late to repair reputational damage?
Discussions around greater transparency in policy wordings and clarifying coverage have become a top priority following the FCA’s business interruption test case – is this a ‘better late than never’ scenario or has the hit to the sector’s reputation crippled any chance of forging customer trust?
Post-Grenfell surveyor PI challenges – opportunity or risk for insurance?
In the aftermath of the Grenfell Tower fire, the EWS1 form was created to address fire safety issues, however a lack of professional indemnity insurance for the surveyors that sign off this form has thrown another spanner in the works. Could finding a solution be a key opportunity for brokers ...
In Focus: How can brokers not so keen on private equity ensure succession in their business?
Brokers considering their succession planning have more options on the table than just private equity backing. Industry experts share their views…
Briefing: Pandemic evolution creates unanswered questions following Supreme Court ruling
Plus, the professional indemnity claim threat over brokers is ‘a big risk’
Industry experts raise insurance implications after first woman convicted of e-scooter drink driving
A 20-year-old woman in Newport, Isle of Wight was found to be nearly three times over the legal limit of alcohol while driving an e-scooter, industry experts debate the insurance implications
Brokers ‘inundated’ following Supreme Court BI appeals ruling
Brokerbility’s executive chairman says ‘time is of the essence’ as brokers scramble to ‘calm nerves of both staff and clients’
Supreme Court BI ruling acts as ‘rude awakening’ for insurers
The ruling following the test case appeal at the Supreme Court will see insurers pay claims to businesses, as well as review policy wordings - but how have insurers reacted to the decision?
Businesses set to shun D&O cover due to sky-high premiums
As the coronavirus pandemic puts directors’ and officers’ premiums into overdrive, Insurance Times takes a look at potential claims risks and trends in this section of the market
Supreme Court decision is a ‘financial vaccine’ for struggling businesses
However, insurance premiums are likely to increase as ‘insurers seek to recoup some of their losses’
Insurance industry weighs in on post-Brexit Global Health Insurance Card
Following the government officially launching the new GHIC earlier this week as a result of the UK reaching a trade deal with the European Union, how does the insurance industry feel about its impact on cover? Insurance Times finds out
Briefing: Bitcoin … rat poison squared or exciting for insurance?
Bitcoin has enjoyed huge returns, making many rich. But can insurance help in this daring new world of cyrptocurrencies
Insurers must ‘adjust reserves accordingly’ as PI ruling will ‘significantly add’ to claims costs
The Swift v Carpenter ruling set the bar for accommodation costs in personal injury cases involving a long life expectancy and low interest rates, but what is the financial domino effect on insurers? Insurance Times takes a closer look
Covid-19 pandemic sees more insurers exit financial failure insurance
As of January 2021, policyholders will not be able to renew financial failure insurance to comply with Package Travel Regulations, meaning they cannot trade. Insurance Times explores options for these customers and what brokers can do to help
Briefing: Insurers must be ‘mindful’ of recession-induced fraud
Insurance companies need to issue a war cry to customers, using transparent communications and fraud education to work together to stamp out Covid-linked fraud
Changing agricultural trends set to influence farmers’ insurance needs – McLarens
Leaving the European Union will mean plenty of change for UK farmers, including the diversification of crops away from just food production. Insurance Times explores how this will impact on farmers’ insurance requirements as the agriculture sector’s risk profile grows
ComparetheMarket fine exposes perils of ‘most favoured nation’ clauses
’Most favoured nation’ clauses have existed longer than there have been PCWs, but ComparetheMarket’s recent fine shows how they can undermine the market
Opinion: Preparing for the next wave of claims
Climate change is so big that we do not even see it as a wave that may “break” and cause havoc for us, writes Hans Læssøe, founder of AKTUS
Conveyancing firm’s demise highlights solicitors’ PI cover crisis
The 24 staff of conveyancing firm Notary Express should have been enjoying a well-earned Christmas break after a successful year. Instead they are having to find another job because no insurer will cover the professional indemnity risk
What will the post-lockdown London market look like?
The Covid lockdown has forced London market members to re-assess what the purpose of a physical office is
Building back better with simpler insurance products
The Covid-19 pandemic has created the need for an overhaul of insurance, but the industry must make sure that the products it creates in response are fit for purpose
Brokers demand ‘much better service’ from insurers amid tightened lockdown regime
Against a backdrop of stricter lockdown restrictions, brokers tell Insurance Times that they are unimpressed with insurer service as some have ’attempted to shirk their responsibility’
Briefing: The LiP portal a year on – still no nearer to being launched?
The personal injury sector is chomping at the bit to discover whether the LiP portal will actually be ready for use come April 2021 – this has no doubt felt like a long, nail-biting waiting game for industry professionals
Opinion: A year to forget for many, while opportunity knocks for others
Insurance Times managing editor Yannick Guerry mulls over how 2020 has panned out, with brokers questioning service standards and reputational gains still up for grabs
In Focus: What changes are independent brokers planning to make to their services in 2021?
This year has certainly been a year of change for the insurance industry, thanks to the Covid-19 pandemic, the impending Brexit deadline and regulatory intervention. But how are independent brokers tweaking their service propositions in order to survive and stand out as we enter 2021? Insurance Times asks industry leaders ...
Briefing: An industry perspective – stop hiding behind the numbers
The insurance industry’s people-centric core is well hidden, yet this could be the key to patching up the sector’s reputation
Revealed: Insurance Times Awards 2020 – winners and reaction
Insurance Times was back again yesterday for the last of its virtual awards ceremonies of 2020 as it celebrated innovation and excellence across general insurance, did you make the cut?
FCA ‘still worried about’ poor behaviour by claims management companies
Industry experts notice a more aggressive approach from CMCs, including cold calling, but the FCA confirms it is looking to stamp out bad habits in this section of the insurance market
Briefing: Riding the digital transformation wave
Is the pandemic signalling the end of analogue conversations amid the chatter of digital transformation?
Blueprint Two is Lloyd’s ‘rubber hits the road moment’ – John Neal
With the onset of the Covid-19 pandemic sharpening Lloyd’s of London’s focus on its Blueprints, Insurance Times takes a deeper dive into what’s behind Blueprint Two
Culture change towards vulnerable customers is here to stay
Insurance Times explores the FCA’s most recent guidance for how insurance firms should treat customers in light of the Covid-19 pandemic and how this can impact vulnerable customers specifically
Briefing: Is there such a thing as a non-vulnerable customer nowadays?
As the definition of a vulnerable customer is steered away from being solely linked to age, it falls to brokers and insurers to pick up the slack in terms of offering support when certain situations make claimants or policyholders feel vulnerable
The Big Question December 2020: What challenges and opportunities do you expect for 2021?
At the end of a challenging year that included the FCA test case, the switch to remote working and ongoing problems in classes such as professional indemnity, all against the backdrop of the Covid-19 pandemic, Insurance Times asks the industry what obstacles and opportunities they foresee for the year ahead
Briefing: Why there is so much concern around GoCompare’s new owner
GoCo’s new owner, Future Plc, has raised eyebrows with its meteoric rise on the stock market
What are the most profitable schemes for brokers amid the pandemic recession?
Although commercial combined schemes have brought brokers the most commission between April and September, residential property owners’ cover is declared the ‘biggest earner’ for this period
Blueprint opens door to Lloyd’s for greater broker access
Lloyd’s latest blueprint will set out how the market will deliver on its core aims
Insurers and brokers braced for fallout as another latent defects insurer collapses
In the aftermath of the Grenfell Tower fire, cladding has been a hot topic, with more and more latent defects insurers falling into administration after struggling to pay claims, Insurance Times investigates the wider impact on insurers and brokers
‘Gross profit’ terminology confusion creates underinsurance hazard – Sedgwick
Determining insurable gross profit versus an accounting gross profit can be a headache for policyholders, however if calculated incorrectly, the ramifications on business interruption claim payouts could be impactful. Insurance Times explores the issue as well as possible solutions
Briefing: Productivity vs staff wellbeing – the homeworking conundrum
Productivity gains should not be at the detriment to employee wellness, especially as the pandemic presents a ‘mental health timebomb’
Briefing: ComparetheMarket shows how weak insurers are versus intermediaries
ComparetheMarket’s abuse of power is remarkable. Distribution’s grip on insurers continues to grow. Can it be stopped?
FCA labels insurers’ arguments as ‘far-fetched’ in Supreme Court hearing
However, insurers claim that there ‘is no justification for engineering contractual wording to accommodate unique circumstances which have occurred subsequently’
Premiums soar for independent financial advisors’ PI as insurers dwindle
As the UK approaches a pandemic induced recession, advice firms are facing higher premiums as insurers that provide professional indemnity for advisors have significantly reduced after a series of regulatory changes, constraints and historical blunders. Insurance Times investigates what this means for insurers and IFAs – and whether brokers ...
Briefing: ComparetheMarket’s shameful abuse of power
Competition watchdog’s report into ComparetheMarket offers a damning verdict on a company abusing its power
Briefing: Why an RSA takeover might actually be very good for brokers
Brokers’ gut reaction may be one of concern at the RSA takeover, but there is likely to be more upside than downside
Briefing: Collaboration needs to continue post-pandemic for ‘adversarial’ personal injury sector
Despite insurance being fundamentally built on partnerships, the personal injury sphere has long been described as ‘adversarial’ – why has it been so hard to work together?
Opinion: Could Covid be hastening the end of brokers going into Lloyd’s to place business?
Technology was always going to be part of Lloyd’s of London’s future, but the pandemic has accelerated its adoption. Will brokers going into Lloyd’s physically become a thing of the past and how will the ‘Future at Lloyd’s’ look post-Covid?
Brokers react to consortium’s ‘strong bid for an iconic brand’ in potential RSA purchase
UK brokers believe RSA’s potential new owners should build on the insurer’s firm legacy foundations, while others in the industry say external ownership could prove positive
Briefing: Claims service could come under the microscope after FCA’s pricing report
Commercial brokers told Insurance Times that a quality claims service is more important than competitive pricing, aligning with the FCA’s refreshed stance around fair value
FCA dual pricing ban could be ‘catalyst’ for Amazon to enter insurance
With rumours of Amazon entering the motorcycle and car insurance market, Insurance Times takes a closer look at how it might affect the industry
Lloyd’s boss acknowledges that insurance sector struggles with ethnicity data
Lloyd’s of London will be looking at how it can improve the collection of ethnicity data
Tech could hold the key as Covid-19 causes BI to become a ‘surge event’
Keoghs partner explains how technology needs to be utilised in order to handle the vast uptick in business interruption claims as this typically low frequency incident becomes a ‘surge event’ following the onset of coronavirus
Sedgwick advocates joint machine and human approach as false document fraud surges
The loss adjuster has seen an uptick in false document fraud during lockdown
Inside the burgeoning world of cannabis insurance
Insuring the cannabis market could be a key opportunity for brokers as the entire supply chain needs cover, but this potential goldmine does not come without legal complexities. Insurance Times investigates
Briefing: Brokers are upset - which insurers will lose customers over BI claims?
There are going to be winners and losers in broker sentiment following the pandemic claims. How much business is actually lost will be interesting as brokers form their opinions of providers who either supported or rejected their claims. Insurance Times annual star survey will reveal sentiment of brokers in these ...
Top 50 Insurers 2020 digital edition
The definitive ranking of the UK’s Top 50 Insurers by Insurance Times is here. Who claimed the number one spot in UK general insurance? Was it you? Catch the preview here…
UK Motor Focus: Should the government remove IPT for young drivers using telematics policies?
Following the House of Commons’ Transport Select Committee’s inquiry into the reasons why young drivers are at a higher risk of being involved in road traffic collisions, industry professionals share their views on one of the main solutions proposed to the government
The Big Question November 2020: What harm will the continued delays to the claims reforms do to the insurance industry?
While April 2021 remains the deadline for the implementation of claims reforms, the ongoing Covid-19 pandemic means that this could be postponed yet again. Ministers will need to give notice as the uncertainty of an exact date could have a knock on effect for strategic changes and investment decisions in ...
New insurer using traditional values to take a slice of the PI market
Peach Pi aims to capture a piece of the specialist PI market
Briefing: A bright future, or momentary relief for the motor market?
The impact of the nationwide lockdown earlier in the year is expected to help the UK motor market return to profit once again in 2021, but with underlying problems still dogging the market, this is only anticipated to offer temporary respite for motor insurers By insight editor Matt Scott
Briefing: Five important ways revenue-hit aggregators could react to FCA price crackdown
Aggregators are likely to take a revenue hit from FCA reforms. Here are five ways they could react and its impact on insurers and brokers.
Wide area damage principle is ‘question on everybody’s lips’ for quantifying BI claims
Following the High Court’s ruling in September on the FCA’s business interruption test case, Insurance Times explores some of the key areas that could impact on quantifying these coronavirus-related claims
Briefing: How insurers can beat the recession
Covid-19 has hit the insurance industry just as hard as the 2008 global financial crisis. But with the global economy hit even harder this time around, insurers are setting themselves up for a quicker return to growth than many may anticipate By insight editor Matt Scott
UK Motor Focus: Automated lane keeping tech could cause insurers’ claims costs to spiral
With the liability for autonomous vehicles placed at the doorstep of insurers, Insurance Times explores how the recent government consultation on automated lane keeping technology could prove to be a headache for insurers amid a growing list of safety concerns
Briefing: Why FCA-hit aggregators will likely squeeze insurers harder
Tensions between insurers and aggregators will likely increase amid the FCA pricing crackdown
Court of Appeal ruling could have insurers revisiting their reserving for personal injury claims
Although the court may have rectified a ‘clear injustice for many disabled claimants’, the insurance industry will now have to pick up the price tag for additional accommodation costs in serious personal injury cases
Briefing: Covid-19 is making things complicated for personal lines insurers
Consumers are craving simple products in the wake of the Covid-19 pandemic, but at the same time they want products that are adjustable and tailored to their needs. This means insurers need to find the right balance when designing their products, but that is easier said than done By insight ...
Broker Scheme Focus: Should brokers take some responsibility for customers with unpaid Covid BI claims?
Insurance Times gets different perspectives on whether scheme brokers should share the blame when it comes to unsatisfied business interruption customers left with unpaid claims due to the coronavirus pandemic
Opinion: Capacity constraints continue to worry brokers
Editor Yannick Guerry cherry picks some of the central insurance themes arising this month, particularly around capacity within the MGA market
Briefing: Why aggressive FCA will next turn to commercial insurance
The FCA is intently focused on value. It’s agenda will lead to a fresh look at commercial insurance
Broker Scheme Focus: FCA test case result has ‘amplified’ impact on broker schemes
Insurance Times speaks to experts across the sector to find out how broker schemes will be affected by the recent test case verdict on the interpretation of business interruption policy wordings for Covid-19 claims
Price comparison websites ‘could be the real loser’ from FCA’s fair pricing report
Insurance Times explores how the regulator’s proposed measures to mitigate price walking could have an adverse effect on the use of price comparison websites
The Big Question October 2020: How might a Covid-19 second wave and lockdown affect brokers that rely heavily on face-to-face networking?
The Covid-19 pandemic has seen the insurance industry’s conferences and networking events take a hit,with social distancing still in force as the UK faces a second wave and potential lockdown, innovation is still paramount. Insurance Times asks the industry how some brokers who rely heavily on face-to-face networking have ...
Briefing: £11bn lost revenue … astonishing costs of FCA price reform
It is enough to make the mind boggle.
Briefing: Hyperion equity deal sets up regional acquisition spree
The A-Plan deal gave the Hyperion group a new presence in the regional broking market. Combining this with a newly expanded M&A war chest could pave the way for some exciting times ahead By insight editor Matt Scott
Briefing: Broker profits are seriously threatened by FCA premium finance crackdown
The FCA’s plans to crackdown on premium finance are causing serious concens for brokers
‘Earth shattering’ - The FCA’s big plans to shake up premium finance
The proposed new rules could dramatically alter the income earned by insurance brokers
Post-pandemic recession could spell more trouble for solicitors’ professional indemnity insurance
With renewals earmarked for 1 October and a possible economic recession ahead, solicitors’ professional indemnity is back in sharp focus, Insurance Times finds out why
Covid-19 claims yield abundant harvest for claims farmers
Delegates at Insurance Times’s third virtual roundtable say the ‘farming scope for Covid claims is absolutely massive’
A-Plan deal a ‘stepping stone’ to further growth says David Howden
The near £700m deal is expected to create a £1bn broking giant once it completes, and with reinsurance and London specialties joining forces with a large regional presence, the newly formed business will have a number of strengths to bring to market
Briefing: Covid-19 set to drive up popularity of captives
The Covid-19 pandemic has accelerated an already emerging trend of corporates taking refuge in their own captives, and brokers will need to change the way they operate in response By insight editor Matt Scott
Covid lockdown boosts industry’s prospective talent pool thanks to home working
Boris Johnson’s working from home initiative to mitigate the spread of coronavirus may have given the insurance industry’s recruitment drive a much-needed injection, as the siren call of home and flexible working has the potential to attract new, diverse talent
Insurtech sector backs FCA’s ‘price walking’ ban as move towards restoring trust
The insurtech sector has welcomed the FCA’s proposals on banning ’price walking’ and sees it as a move towards restoring trust in the insurance industry
FCA pricing report benefits customers – but is there more to it?
At face value the FCA pricing practices report benefits the customer, and while the insurance industry largely backs the proposals, there have been a number of concerns raised over its implementation
Briefing: The winners and losers from the FCA’s pricing ban
FCA price walking ban impact on customer, insurers, brokers and aggregators
Briefing: Lloyd’s results revealed a big Covid-19 hit, but under the surface things may be looking healthier for the market
The Covid-19 pandemic forced Lloyd’s half-year COR up to a highly unprofitable 110.4%, but underneath, a disciplined approach to underwriting could be setting them up for a return to profit in 2021 By insight editor Matt Scott
Policyholders need to home in on balance sheets to take advantage of test case verdict
Although claims preparations can now go ‘full steam ahead’ following the publication of the High Court’s ruling, projected profits and losses must be considered for quantum purposes
FCA called out as ‘shining example of regulatory intervention’ for test case action
Despite being celebrated as a policyholder victory, many legal professionals feel this reaction to the test case verdict could be ‘premature’ as the likelihood of an appeal from insurers still looms large
Briefing: Customers will face more agony despite test case ruling
The FCA ruling will only help some clients and, even then, there will be arguments over payouts. The FCA ruling closes one chapter on this unedifying experience for the insurance industry. There are lessons to be learned.
FCA test case is a ‘complex judgment’ that will take time to understand
Following the High Court ruling yesterday on the FCA’s business interruption test case, Insurance Times looks at the potential impact on insurers
Test case judgment could be ‘the difference between life and death’ for Covid closed businesses
Brokers rejoice as High Court ruling provides clarity for customers’ business interruption claims caused by Covid-19 pandemic
Insurance industry relays recommendations as pre-legislative draft Building Safety Bill scrutinised
As the draft Building Safety Bill (BSB) 2020 was scrutinised yesterday afternoon in Parliament, the insurance industry gave its recommendations and raised its concerns about the pre-legislation.
Troubled Saga fights to turn the tide
Saga has a mountain of debt. It’s cruise and travel revenue has been choked off by Covid. Then it rejected a bid led by ex-Aviva boss Mark Wilson, instead opting for a share placing raise led by former chairman Roger De Haan. Will it be enough to steer the firm ...
Hospitality and leisure sector should expect ‘surge’ in EL claims
Law firm partner notes ‘that Covid negligence claims will make PPI claims look like a warm-up act’
Delegated authority agreements: What are the red flags and long-term fixes?
Delegated authority agreements have become a staple for many insurers. Insurance Times takes a look at the pitfalls to be wary of, the questions insurers should be asking and how to ensure these arrangements are successful
Briefing: How covid has killed networking and what it means for (re)insurance
With the Covid-19 pandemic putting a stop to industry conferences and networking events, innovation and relationship management is taking a hit By insight editor Matt Scott
Vulnerable customers on the rise post-Covid-19, but insurers and brokers can help with better credit options
New research from Consumer Intelligence, published exclusively by Insurance Times, reveals how vulnerable customers are being affected by the pandemic, as well as why this represents an opportunity for brokers and insurers to boost their brand’s reputation and their underlying business performance by offering better credit options for paying by ...
Online fraud and cyber scams soar during pandemic lockdown but insurance for it 'fairly new'
A spike fraud and cyber scam in cases has exposed a new risk for the cyber insurance market, Insurance Times looks at what the industry is doing to protect vulnerable customers during the pandemic and why some many not be covered if they work remotely
The Rooney Rule: Could it improve the recruitment and retention of ethnic minorities in insurance?
After one Lloyd’s syndicate might be adopting such a strategy, Insurance Times examines whether the Rooney Rule might solve the ongoing recruitment and retention issues of black, Asian and minority ethnics in the insurance industry
Briefing: Insurers need to prepare for the economic and social fallout from Covid-19
The coronavirus pandemic has created a new world for insurers to operate in, and it is one that is made up of new and increased risks. Insurers will need to adapt to this new risk landscape if they are going to thrive in the new normal By insights editor Matt ...
Briefing: Looking back at a history of problems in the solicitors’ PI market
A market rife with historic challenges, solicitors’ professional indemnity is once again making headlines as premium prices are predicted to escalate. But what else has plagued this niche? Insurance Times takes a closer look
Insurtechs navigating the pandemic amid shifting consumer behaviour – stick or pivot?
Covid-19 has been hard on insurtechs, which have had to adapt to changing demands from consumers in lockdown. Insurance Times takes a look at how some have weathered the storm better than others and what it takes to make a business pandemic proof
Briefing: Why insurance is key to economic recovery post-Covid-19
Businesses have been hit hard by the pandemic, but support from insurance could help drive innovation and ignite economic growth By Matt Scott, insight editor at Insurance Times
How data is transforming home insurance for a Covid-19 world
New data sources and data enrichment is helping the home insurance market become fit for purpose amid a Covid-19 landscape, where the home is so much more than a place to lay your head
Briefing: Covid-19 - a ‘manageable’ global catastrophe?
Analysists and consultants are starting to quantify the impact that Covid will have on the insurance industry
The Insurance Times insurtech top five winners and losers of the pandemic
While the pandemic has hit the insurtech sector hard, some insurtechs have still managed to prosper, Insurance Times reveals its top five that have blossomed or gone bust as a result of the pandemic
Insurance industry left to shoulder risk in Grenfell fire aftermath
How can you put a price on Grenfell? The insurance industry has been left to shoulder the risk of safety measures that resulted from the inquiry, despite building safety and standards further deteriorating for high-rise buildings.
First half financial results littered with Covid-19 complications
Insurance Times looks across insurers’ H1 financial results, revealing the initial impact of the coronavirus pandemic on business bottom lines
Briefing: How Zurich is adapting to the hardening market
But Covid-19-related claims could still undo all the insurer’s hard work to date By insights editor Matt Scott
Brokers need to engage business owners to combat underinsurance in a hard market
In a worse case scenario, brokers could face professional indemnity claims if their commercial clients are vastly underinsured. Insurance Times takes a closer look at the issue of underinsurance and how brokers can help tackle it
Briefing: The new reality facing commercial property insurance post-Covid-19
Our town and city centres have been changed for good by the coronavirus pandemic. Brokers and insurers need to adapt
Cyber Focus: Data exfiltration boosts ransomware risks with reputational threats
Brokers need to adopt a proactive role in assessing commercial clients’ digital security as cyber insurance morphs into a hybrid of preventative risk management services and responsive claims investigation to tackle evolving cyber threats
Cyber Focus: How can insurers protect themselves from cyber crime?
Industry experts tell Insurance Times what preventative steps insurers need to take in order to avoid possible data breaches and other cyber attacks where criminals are lured by the honeypot of stored customer data…
The Big Question September 2020: Will insurers come out looking better or worse due to the FCA test case? Why?
The FCA test case saw eight insurers put to task in July in a hearing that lasted over a week, Insurance Times asked the industry whether insurers as a whole might look better or worse as it approaches the time for the court to reach its verdict
Back to office transitions bring new risks and lessons to the insurance industry
Next month marks the return to offices for most staff in the insurance industry, but as the UK unwinds from lockdown, what risks should brokers be aware of in a post-pandemic world and will office life ever look the same again? Insurance Times investigates
Briefing: Why Hastings is a good fit for Sampo
The £1.7bn proposed takeover of Hastings by a consortium lead by Finnish insurer Sampo was met by surprise by many, but under closer inspection the deal might make a lot of sense for both parties By data insights editor Matt Scott
Briefing: Hastings seals a good deal
Hastings has enjoyed strong growth. But claims issues had been catching up with them. Going private works well.
Covid-19 pandemic has created ‘an opportune market for ghost brokers’
Industry experts assemble for Insurance Times’s latest virtual Fraud Charter roundtable, identifying the key fraud trends that have emerged as a result of the coronavirus outbreak
Briefing: Blanc’s Aviva UK champion plan risks shareholder ire
Aviva’s new chief executive Amanda Blanc plans will not go far enough to excite investors
Briefing: Covid insured losses compared to several UK mega-claims events
Covid-19 could be the biggest ever UK insured claims event
Aviation insurance industry braces for fallout after Branson’s Virgin Atlantic goes bust
Gallagher warns that Covid-19 could ‘act as a catalyst’ for rate increases translating into a harder global insurance market
How Covid-19 has impacted personal injury claims
The success of remote medical examinations has divided industry professionals, while court backlogs are causing law firms to think outside the box in order to progress claims. Insurance Times takes a closer look at the lay of the land for personal injury claims and what the sector’s future could look ...
How parametric insurance could serve SMEs in a post-pandemic world
Parametric insurance could help avoid a re-run of the Covid-19 business interruption saga, as the pandemic exposes real holes in the insurance market
Briefing: Is Beazley plotting its route to success post-corona?
The insurer has been re-focusing its risk mix to prepare for any recession that follows the Covid-19 pandemic, and has already taken action that it hopes will reduce the impact of any future claims that arise as part of the anticipated economic downturn
Briefing: Brokers must learn lessons from the unrated Gefion saga
The saga of unrated Gefion and the impact on brokers is a lesson that should be learned
The story of brokers' troubled relationship with Gefion and Tansar
The story of Tansar and Gefion is fully revealed in the administrator’s documents
Lemonade’s IPO – what does it mean for the insurance industry?
Insurtech Lemonade’s shares doubled in value on its first day of trading on 2 July, surging from $29 to $69.41; this followed the firm filing for an Initial Public Offering (IPO) back in June.
Briefing: It’s been a bad week for insurers, but lose the FCA test case and things could get a lot worse
Not only could insurers be found liable for claims, they may also be forced to pay interest and subsequent claims for businesses that have gone under as a result of the delay in business interruption payments
British theatres face re-opening post-lockdown, some with no insurance
With lockdown unwinding, British theatres were given the go ahead to reopen on the 11 July for outdoor performances, but many are struggling to find insurance.
Briefing: The current BI legal fight is a very ugly look for insurers
Even if they win, the optics of insurers battling their customers in court will harm the industry
Quantum questions to follow FCA test case
If the High Court rules that insurers are liable for their policyholders’ Covid-19 business interruption losses, then agreeing quantum for specific claims amid a myriad of coronavirus-related factors will be insurers’ next hurdle
Government fast-tracks work with insurance industry amid draft Building Safety Bill
After the third anniversary of the Grenfell Tower fire, the UK government has published its draft Building Safety Bill.
Broker schemes susceptible to Covid claims fallout
Although broker scheme policy wordings are typically the result of broker and insurer collaboration, industry voices believe schemes could be ‘possibly more exposed’ to Covid-19-related BI claims ‘purely because some of the wordings may not have received the usual insurer level of scrutiny’
Why de-mutualisation is bad for consumers, and how it will affect the UKGI market
With LV= revealing it was considering the sale of its remaining life and pensions businesses, Insurance Times takes a look at the implications of wider de-mutualisation for policyholders, and what it means for the future of insurance
How brokers are monitoring employee mental health with a home-working insurance industry
As many businesses in the UK continue to work from home during the Covid-19 pandemic, the mental health of staff that work remotely has been brought to light. Insurance Times looks at how broker bosses are managing the mental health of their employees.
Briefing: How the AXA revolution has set the insurer up for long-term success
Disposing of a large portion of its life and pensions business has proved a smart move for the French insurer, and by putting more focus on its pure underwriting businesses, AXA will be hoping it can set itself apart from other large composite insurers in the market
Opinion: Will brokers end up as the BI fall guys?
Outcome of FCA business interruption test case eagerly awaited
FCA test case could be death knell for brokers’ PI cover if insurers win
Industry voices fear the fallout of the regulator’s test case on the broker PI market, predicting that it could become ‘a backstop for the entire business interruption industry’
Insurance industry backs government’s flood investment plans in fight against climate change
The insurance industry has commended the Department for Environment, Food and Rural Affair’s (DEFRA) record investment £5.2bn as it sets out long-term plans to mitigate flood risks against the backdrop of climate change. Many agree that a common goal must be established to reduce the damage caused by flooding.
Briefing: Aviva should avoid this strategic blunder
New Aviva chief executive Amanda Blanc faces one major issue that needs solving, but she is already facing distractions
Breaking up Aviva: The greatest puzzle in insurance
Amanda Blanc faces a number of challenges as she takes over the helm at Aviva, but none are bigger than the problem of how to deal with the sclerotic UK business’s life and savings arm
HNW Focus: HNW capacity enjoys ‘resurgence’ despite economic Covid constraints
Although the Covid-19 pandemic has caused an economic recession across most industry sectors, the high net worth market is surprisingly buoyant. Insurance Times explores the key capacity trends within this sector.
HNW Focus: How can high net worth providers prove their value under current conditions?
The high net worth market has a distinct USP of providing a specialist service with a personal touch - but as Covid-19 causes face-to-face interaction to dwindle while digital communications take the reins, is the sector therefore suffering? Industry experts share their views
The Big Question July/August 2020: What lines of business will harden or be most exposed following Covid-19?
In Insurance Times’s July/August 2020 issue, we ask the insurance market which business lines they thought might harden and which might be the most exposed following the coronavirus crisis.
The history (or mystery) of the broker remuneration debate
The debate recently resurfaced following a report from Mactavish which called out the broker model, but what is the history behind the debate?
Covid-19 has polarised consumers on data sharing
Insurers will be challenged with how they respond to the polarising impact of the coronavirus pandemic, and they must not fall into the trap of excluding a large swathe of vulnerable customers from their books of business
Briefing: How coronavirus has changed the personal lines playbook
Denied business interruption claims has been the big story in insurance over the last few weeks, but personal lines insurers cannot rest on their laurels when it comes to the changes facing the market as a result of Covid-19
Briefing: The big Aviva challenge facing new CEO Amanda Blanc
Aviva chief executive Amanda Blanc has no easy strategic path in solving the Aviva problem
Coronavirus: B&B owner faces ‘timebomb of debt’ after BI claim rejected by AXA
The results from the FCA’s test case could come too late to save struggling SMEs that are facing daily financial hardship as a result of the Covid-19 pandemic. Insurance Times hears from Stamford House Bed and Breakfast about its claims experience and fears for the future
Aviva commitment to UK GI seen in Blanc hire - brokers react
News of Blanc’s appointment was seen as positive by a broad swathe brokers, but not everyone welcomed the move
Local Leicester lockdown could prove ‘difficult for insurers’ defending rejected BI claims
Business interruption policies triggered by Covid cases at the insured premises, or within a defined radius, may come under closer scrutiny as city-centric lockdown confirms the local impact of the pandemic
Briefing: The sorry (but unsurprising) tale of Gefion’s collapse
Solvency and liquidity issues have dogged the unrated Danish insurer for years, but brokers will be hoping that early regulatory intervention will have saved them a lot of pain as the insurer’s collapse continues to unfold
The Insurance Times top 5 insurer collapses
Following the news that unrated Danish insurer Gefion has gone into liquidation after its licence was revoked, Insurance Times takes a look at five of the biggest insurance disaster stories of the last 20 years
Briefing: MGAs or brokers? Where Ardonagh, PIB & Aston Lark will find cheap deals
Ardonagh will soon be back on the acquisition trail following its mega-refinancing last week. Aston Lark and PIB are still making deals.
Financially stressed policyholders are a ‘moral hazard’ leading to increased claims
Insurance Times explores the correlation between policyholders’ financial stress and their propensity to make claims - here, we explain what insurers can do to recognise and aid these vulnerable customers…
Insurtechs poised to prosper from post-pandemic business models
Many businesses are adapting their business model post-pandemic and seeking out on-demand insurance to cater to delivery surge, which could be a win-win situation for insurtechs
Q&A: Working from home and financial hardship creates ‘perfect storm’ for fraudulent claims says Horwich Farrelly
Insurance Times quizzes David Scott, counter fraud partner and head of innovation at Horwich Farrelly, about the fraud issues arising from the Covid-19 pandemic and what insurers and claims handlers can do to mitigate the fallout…
Briefing: Could brokers be next in-line for the Covid-19 BI scandal?
The FCA test case on the validity of business interruption claims in the wake of the coronavirus outbreak will start next month. While insurers have been the ones under the spotlight so far, brokers could be next if insurer’s get a favourable outcome
Competition watchdog probes brokers over Ardonagh buy
The Competition and Markets Authority is asking brokers a range of questions over an Ardonagh broker buy. Ardonagh is the largest player in UK personal likes broking, rising up the rankings again of our Top 50 brokers following a series of acquisitions led by chief executive David Ross. The competition ...
Briefing: The story behind Ardonagh’s mega-refinancing
The deal gives Ardonagh additional firepower for M&A
Short-term rentals and Airbnb insurers impacted by Covid-19 lockdown
With lockdown easing, the sharing economy may be able to recoup some losses, but at the same time new risks and property exclusions have emerged
Briefing: Is this the beginning the end of the mutual?
Today, mutual insurance companies can be found in nearly every insurance market in the world, but is the future of the mutual insurer under threat?
Etrading Q&A: Insurers need to up their game on the risks available via etrading says Allianz
Allianz’s digital trading manager says speed of delivery is a key area of improvement within etrading, but insurers also need to meet the demand to write more complex risks digitally
Briefing: Why Allianz could acquire RSA
Part two of our commentary on post-Covid M&A prospects
Briefing: City loves RSA again - a new era or another false dawn?
RSA has been through a turbulent decade, but analysts now predict good times ahead. True or is it another false dawn?
Black Lives Matter protests reawaken insurance industry under-representation BAME debate
As protests for Black Lives Matter break out across the UK and globally following George Floyd’s death, the incident has opened up a dialogue in the insurance industry about the low levels of Black Asian and Minority Ethnic (BAME) representation
Win or lose, the FCA test case on BI claims will not be good for insurers
When the FCA announced it was taking a test case to the High Court to provide clarity on the confusion around business interruption claims in the wake of the Covid-19 pandemic, insurers were worried
Briefing: Could Covid-19 kickstart a technology revolution for insurance?
The Covid-19 pandemic has changed the world we live in. Loved ones are forced to live apart, shops have been closed and schools have been left empty. Within that new world, insurers and brokers have had to re-evaluate the way they work
Analysed: The Lloyd’s market’s best and worst underwriters
With three successive years in the red and a fourth year of underwriting losses seemingly on the way, the Lloyd’s market has faced some testing times of late.
Briefing: Why Covid will put broker schemes under pressure
Schemes are at the heart of UK broking. But the Covid crisis, where many claims have arisen from schemes, will force insurers to take a renewed look at the way they set up and manage broker schemes.
Etrading Q&A: Insurers need to make it easier for brokers to get a fair representation of risk via etrade says NIG
Five star insurer NIG tells Insurance Times how it is using insights from our latest etrading report to tailor its proposition for brokers
Pandemic insurance set to become ‘mainstream’ following Covid-19 outbreak
Insurance Times explores pandemic insurance availability and coverage prior to the coronavirus pandemic, and how this is geared to change in a post-Covid-19 world
Etrading Q&A: Insurance needs to digitally keep pace with other business sectors says Applied System’s Fairchild
The software company chief executive explained that ’we are firmly in the middle of a digital revolution of insurance’
Coronavirus: Skincare salon misled by insurer over rejected BI claim
MS Amlin took two months to respond to NuYu London’s claim, despite initially informing the business’s broker that the BI policy would pay out
Briefing: Broking consolidation has led to tensions - Reid & Barton’s new firm will benefit
Stuart Reid and Phil Barton are set to take advantage of a disgruntled UK broking staff market - expect fireworks
Insurance concerns peak as London Mayor taps micro-mobility for green Covid-19 exit strategy
Could cycling be the big winner of the pandemic? As Brits are steered away from public transport, a new opportunity for insurtechs, brokers and insurers has opened up if decisions about insurance could just be made for e-scooters, cycles and e-bikes
Briefing: Will insurers be able to repair their tarnished reputations?
In the eyes of many policyholders the Covid-19 crisis has been yet another stain on the insurance industry’s already tarnished reputation. Deserved or not, insurers have much to do regain their trust By data insights editor Matt Scott
Briefing: What impact will Covid have on the big PE-backed brokers like Ardonagh, Hyperion?
Private equity and brokers have had a big love affair. How will covid impact them?
Risk management is ‘core’ to insurer propositions that improve client relationships
Insurers and brokers are turning to risk management and mitigation to bolster relationships and offer a service differentiator – but does this lead to competition or collaboration?
How UK broking is running out of ‘sweet spot’ deals amid fierce private equity competition
Such deals have fallen significantly as competition from private equity has taken hold of the market
Schemes Index reveals most profitable business lines for brokers
SME package schemes may have delivered the most commission for brokers, but will the Covid-19 pandemic change the broking landscape?
Premier League poised for kick off, but insurance concerns loom
Brokers will be instrumental when Premier League restarts again, but they must keep up-to-date with protocol and push back with insurers where necessary
The Big Question June 2020: When the insurance world returns to offices, what will the ‘new normal’ look like?
As the working world gradually migrates back to offices after more than two months of working from home during the pandemic, Insurance Times asks the industry how this might change this
Who is the highest paid insurance CEO? Find out here
Five of the leading bosses in UKGI took home more than £11m in total remuneration for 2019
The Briefing - Insurtech – Surviving Covid-19, government schemes for insurtechs ‘not all it’s cracked up to be’
The government has been instrumental in supporting businesses during the Covid-19 pandemic, however many insurtechs have found that these schemes incur pitfalls and strict eligibility criteria that does not work in their favour
The Briefing - Insurtech: How can insurtechs support insurers and brokers throughout the Covid-19 pandemic?
As insurers and brokers remain working from home in light of the coronavirus crisis, insurtechs could be key in supporting and improving digital ways of working
Briefing: Hiscox’s brand is hurting, so why doesn’t it pay the claims?
With claims costs potentially mounting and the brand being damaged, why doesn’t Hiscox pay the Covid-19 BI claims?
Biba denies broker commission is “huge conflict of interest”
Meanwhile others in the industry have also defended brokers
Hasty migration could increase corporate cyber risk exposure
With another high-profile cyber attack case during lockdown, a new challenge has been created for brokers
MGA Q&A: MGA market could benefit from a simple star rating says DOA Underwriting
DOA Underwriting Limited’s director Phillip Oliver talks to Insurance Times’s Savan Shah about policy wordings, working with broking partners to ensure clients needs are met and the MGA survey’s factors amid the Covid-19 pandemic
Covid-19 is ‘wakeup call’ for industry to embrace digital transformation
As the world moves away from face-to-face interaction in light of the coronavirus pandemic, it’s time for the insurance sector to fully grasp previously ignored technological tools
Briefing: Marsh, Aon, Guidewire, reinsurers - how the Covid crisis will greatly benefit them
The likes of Aon, Marsh, Guidewire and Accenture could be on the cusp of a golden opportunity
Fraud Charter: Lockdown home working increases risk of insider insurance fraud
Industry leaders discussed how to stamp out insider fraud opportunities brought about by remote working at Insurance Times’s virtual roundtable
Fraud Charter: Insurers need to engage with supply chain to avoid fraud temptations
Industry experts are seeing prolonged credit hire periods and fumigation charges within the motor insurance supply chain as a result of the coronavirus pandemic
Cyber cover is ‘modern-day crime policy’ as criminals switch from physical to digital
Insurance Times explores the relationship between cyber cover and traditional crime policies, looking at how these insurances can work together or where there may be gaps in cover
Social media driving trust in the digital world
Research from Capgemini reveals that insurance customers trust online research and social media testimonials over broker advice
Fraud Charter: May 2020
Industry experts attending Insurance Times’s virtual roundtable agree that application fraud is on the up as consumers look to reduce premiums in any way they can, due to coronavirus-related financial hardship
Supporting vulnerable customers – a great opportunity for insurers to rebuild reputation amid Covid-19 crisis
The coronavirus pandemic has lead to a surge in the number of vulnerable people in the UK, but new research from Consumer Intelligence reveals the crisis should be viewed as an opportunity to improve customer engagement and loyalty
Confusion remains on insuring e-scooters, as government fast-tracks trials ahead of coronavirus lockdown exit
If insurance is not in place and an accident occurs, who will pay the claim?
How exposed are brokers to negligence claims following rejected Covid-19-related BI claims?
As commercial customers and insurers draw battle lines over business interruption claims, Insurance Times looks at whether brokers could get caught in the crossfire
etrading Q&A: Commercial risks could fluctuate due to Covid-19 pandemic says SSP
With Insurance Times’s etrading 2020 results now available, Savan Shah speaks with Adrian Coupland, customer and marketing managing director at SSP, about the firm’s etrading results and how it is supporting brokers to be operational in these times of disruption
Ardonagh: Under the bonnet of the broker’s financials
Ardonagh’s financial results for 2020 stated strong revenue growth and booming earnings, but, as is often the case with financial results, the full picture is more complex
How is the motor insurance supply chain impacted by the Covid-19 lockdown?
Insurance Times investigates how the ongoing coronavirus pandemic is affecting motor supply chains and the subsequent claims process for motor insurers and customers
Admiral back on top as Hastings slips down the rankings
Admiral UK has regained its place as the best underwriter in UK general insurance after reporting a market-leading combined operating ratio for 2019
The Big Question May 2020: How do you think insurance will look post-Covid-19?
With lock down in the UK set to continue for the time being many businesses are having to adapt, Insurance Times asked what the industry might look like after the pandemic
BI coronavirus payouts could spell commission clawback worry for brokers
Some obstacles brokers face as they navigate the Covid-19 crisis could have a detrimental effect on their survival
The Briefing: Coronavirus impacts on GI – Is the insurance sector caught in the crossfire of Covid-19 pressures?
Financial services consultancy says ‘the expectation for the industry to just pick up the tab for a once-in-a-century crisis like coronavirus is just not reasonable’
Coronavirus: Rejected business interruption claim case studies
Insurance Times takes a deeper look at two business interruption claim case studies, investigating the impacts of insurer decisions on SMEs and brokers
Chancellor unveils £1.25bn startup package – but will it be enough to uphold insurtechs?
During the last budget it seemed that insurtechs were left out of the equation for financial protection from government, but its new loan scheme could solve this dilemma
Tough times for Saga after Moody’s ratings downgrade
The insurer also saw underlying profits fall by a third as it announced its latest set of results and coronavirus continues to create uncertainty for the group
Coronavirus: Will public liability insurance extend to cover the online home exercise boom?
As the UK’s lock down continues, exercisers turn to social media and digital channels while gyms are shut. But are there public liability risks associated with online home exercise classes, Insurance Times finds out
Businesses risk underinsurance due to differing unoccupied property exclusions
Some insurers have lifted this exclusion by lengthening the unoccupancy period, but what will happen to the rest?
Call centres: Rising to the challenge of home working amid Covid-19
What are the obstacles that call centres in the insurance industry face in transitioning to working from home and what are some firms that have done this successfully doing right? Insurance Times find out
Briefing: This pandemic has badly damaged Hiscox … insurers and brokers must learn the lessons
Hiscox is not the only insurer in a battle with customers over pandemic-related payouts, and there are lessons for brokers and carriers
Cryptocurrency cover comes with need for expertise
Policy was created by Lloyd’s syndicate Atrium and has flexible limits
Profits Exposed: Admiral, DLG and Esure rely on reserve releases for underwriting profit
Analysis of the 2019 financial results reveals the ways insurers make profit, and how their revenue streams have changed
How the insurance sector can prepare for pandemic risks
As coronavirus sweeps the globe, Insurance Times examines how businesses are dealing with the crisis from a risk management perspective
Motor insurance and coronavirus: Golden era or further misery?
The coronavirus pandemic has presented a number of challenges for the insurance industry, but the motor market is uniquely placed in that tighter lockdown conditions may actually result in improved claims experiences for insurers
Office tech still insured for home working as insurers show united front
As employees gather laptops, phones and screens to use for remote and home working, the ABI issues guidance on how this should be treated under home insurance policies
D&O pricing hikes create challenges for brokers
The increasing frequency and severity of claims has seen pricing shoot up for directors & officers (D&O) liability insurance, and for specialist brokers the market correction is making it more difficult to secure coverage for international firms
Briefing: Where next for Aviva strategically amid the coronavirus crisis?
The coronavirus crisis has created a new challenge for Maurice Tulloch. Can he keep Aviva together?
Briefing: How bad could coronavirus claims get for insurers?
Insurance has been holding up well - but there are some real risks
US businesses seek to use damage trigger for business interruption claim pay outs
With Lloyd’s underwriters heavily invested in the US domestic property market, could upcoming lawsuits impact the UK business interruption sector?
Aviva, RSA, Direct Line and Hiscox suspend dividend payments amid Covid-19
The uncertainty over the duration of Covid-19 has left many insurers unable to forecast a clear outlook for 2020
Briefing: Insurers reputations are tarnished - a debate on pandemic cover is urgent
The self-employed and SMEs should be at the forefront of the debate
Revealed: The one thing insurers can do to give zest to e-trade service for brokers
Insurance Times etrade survey reveals one etrade function would provide a huge boost to brokers
Opinion: Playing the Covid-19 blame game
Brokerbility chairman Ashwin Mistry defends the insurance industry amid a flurry of bad press
The Briefing – UK Claims Reforms: Will credit hire cause claims inflation post-reform?
With implementation of part one of the Civil Liability Act delayed until August, industry voices still have concerns about the potential effect of credit hire firms on claims inflation
The Briefing – UK Claims Reforms: How does the industry feel about the LiP portal deadline extension?
Four industry experts share their views on what they think the effect will be of the Litigants in Person (LiP) portal deadline being pushed back from April to August
Could Google's chatbot overhaul the insurance market?
Technological advances in artificial intelligence like Google Meena claim to be more sophisticated than today’s chatbots in conversational complexity, but what value does it bring to the insurance industry?
Poor data hampering FSCS from tracing customers of collapsed unrated insurers
In some cases, it has taken two years for insurers to identify customers to the Financial Services Compensation Scheme
How could coronavirus impact employers’ liability claims?
Businesses should document that they are following government guidance to mitigate potential claims from employees says FOIL president
Government support for self-employed hit by Covid-19 brings relief to insurers
The chancellor of exchequer’s new financial measures for the self-employed may come as a relief to some, but what about those that do not meet the eligibility criteria?
Coronavirus ‘social distancing’ measures hits gig economy as service demands rise
As the UK goes into lockdown to mitigate the spread of the coronavirus, the insurtech industry has responded to support gig economy workers
Working from home hard to implement for some businesses during Covid-19
In a briefing last week, Marsh also revealed the four areas that businesses should prioritise during this global outbreak including regular communication with staff
The Big Question April 2020: Are insurers right to refuse coronavirus business interruption cover?
Coronavirus cases are mounting daily, the death toll is rising and airlines like Flybe as well as retailer Laura Ashley are filing for administration as sales take a nosedive. Many businesses are going into lock down to contain the spread of the virus and protect their staff, but are insurers ...
How the rise of AI could change the face of insurance
Artificial intelligence is making huge inroads into what were once professional occupations, including selling insurance. But in areas such as medicine, who pays if something goes wrong?
How is coronavirus impacting key business sectors?
Covid-19 is leaving an unstoppable imprint across global businesses – Insurance Times reviews the current lay of the land in the industry sectors most affected
Insuring reputational risk opens opportunities for new business
Protecting brand reputation has become a top priority for insurance businesses
Non-financial misconduct: Is the insurance industry proactively calling out bad behaviour?
Following the FCA’s ‘Dear CEO’ letter, is the insurance industry doing enough to create a culture of ”openness and honesty” - or is there more to be done?
What does Aon’s purchase of Willis Towers Watson mean for brokers?
Industry voices fear that consolidation between two of the UK’s largest brokers will lead to a ‘stagnating’ market and ‘significant change’ of the sector as we know it
High-profile data breaches pushes cyber insurance up agenda
More needs to be done by large corporates to ensure that client and customer data is protected
Briefing: Job losses and Willis Re hived off - implications of the Aon merger
Deal was announced today having been mooted last year
Green parts market gains traction for accident repairs
The use of recycled car parts for repair may be in its infancy, but industry voices predict a boost in business to meet consumer demands
Direct Line aims to reduce expense ratio amid business transformation
Despite a challenging motor market post-Ogden the insurer is pushing forward with digital transformation and is “well prepared” for Coronavirus claims
Aviva to invest in digitalising broker channels
The insurer’s UK chief executive confirms that ‘we want to invest in those relationships’
The Big Question March 2020: What can be done to help those providing professional indemnity products?
With classes of professional indemnity (PI) struggling, Insurance Times asks the industry what can be done to support those offering such products
Coronavirus not covered under standard business interruption policies says Aviva
The insurer’s chief executive said its policies provide ‘minimum coverage’ in terms of listed diseases within BI policy wordings
Coronavirus: will ‘notifiable disease’ status be a game-changer for insurance?
Being a notifiable disease means cases have to be reported to the relevant authorities by law
GoCo shaking up price comparison as auto-switching customers boom
GoCo’s autoswitching customers surge past the 300,000 barrier
Briefing: RSA results get better, but broker service levels must improve
Despite a financial boom and soaring profits, Insurance Times’s research shows that RSA has more work to do if it wants to improve broker relationships
Could Hastings’ long-term battle plan see fortunes turned this year?
Short-term pain for the insurer could end up in long-term gain if its strategies pay off
The Briefing – MGA markets: Should MGAs carry their own risks?
Are boundaries blurring as increasing numbers of MGAs seek to hold their own risk? Insurance Times asks the experts whether MGAs are stepping on insurers’ toes…
Proposed premium finance commission rules – what does it mean for brokers?
An update to premium finance commission rules means brokers may have to disclose the amount of commission they are charging
Open Insurance – the initiative that could change the market
In an industry with so many players, open insurance could make data sharing slicker and improve customer retention by increasing trust, but some fear it could be a direct threat to brokers
Real-time data set to inform menuisation-based products, but can this deliver premium savings?
The use of real-time data and the potential menuisation of insurance premiums is on the horizon, however is this an industry asset or a gimmick?
‘Incomprehensible’ policy wordings come under Biba scrutiny
The use of plain English should trump legalese and jargon where possible, but is this a viable option in the heavily regulated insurance sector?
Allianz’ Nick Hobbs on achieving excellence in commercial lines
We spoke to Allianz director of broker markets Nick Hobbs to find out what it takes to deliver a top notch service to brokers following its Four Star rating in the Insurance Times Commercial Lines Broker Service Survey
Storm Ciara sees claims surge
UK annual flood losses have been estimated at £500m
Open Insurance could change the market, says broker chief
The word on everyone’s lips during the BrokerFest 2020 panel was open insurance
Broker Service Survey panel questions progress made in industry over decade
The panel discusses how much progress has been made in the industry and the areas of concern revealed in the recent Broker Service Survey
FCA’s pre-existing medical conditions signposting rules: What does it mean for the industry?
After the FCA found that some consumers with pre-existing medical conditions were having problems navigating the travel insurance market it introduced new signposting rules, Insurance Times investigates what this means for the market
Hiscox’s Ross Dingwall on delivering service excellence to brokers
The insurer received strong ratings from brokers in the Insurance Times Five Star Personal Lines report
Covéa’s Carol Geldard on how to be a five star insurer
The insurer received a top rating from personal lines brokers in the latest Insurance Times Five Star report
The Briefing: SME broking – How can brokers and insurers build a positive relationship to deliver SME cover?
Three industry experts share how the broker-insurer relationship can be fine-tuned when it comes to the specialist small to medium enterprise (SME) insurance market
The Briefing: SME broking –Skipping advice when buying cover puts small businesses at risk
Looser regulation and the rise of aggressive aggregator websites mean insurance customers will now often eschew professional regulated advice, leaving both themselves and brokers’ traditional business model in a vulnerable position
Briefing: Break up or stay put? Why the new Aviva chairman is key
Aviva chief executive Maurice Tulloch has lost the man who appointed him - what will that mean for him and the company?
Briefing: Make no mistake, these are worrying times for Hastings
Its shares plummeted 8% today after it was battered more so by winter weather claims than the previous year
Whirlpool washing machine recall poses claims threat due to lengthy logistics
The sheer magnitude of the operation could put pressure on insurers as customers wait for a replacement or repair
Waste worries local authorities as Brexit looms
If the Brexit trade deal imposes a tariff on exporting waste, how will this impact on the insurance and reinsurance propositions for local authorities and waste management plants?
Claims culture hampers Irish sports clubs from obtaining public liability cover
But legal reforms in Ireland could be the answer for struggling sporting facilities
Motor insurers preparing for reinsurance rate hike as Ogden hits hard
Rates for motor excess of loss policies could rise by as much as a fifth at the 1 January renewal date
How has the Lloyd’s performance review affected PI insurance?
Two industry specialists give their views on how the shake-up has caused insurers to scrutinise their portfolios
The Big Question December 2019: What’s top of your Christmas wish list for the sector?
As the choirs sing and the fairy lights sparkle – and the festive season draws upon us, Insurance Times asks the sector what’s on their Christmas wish list for 2019
The Digital Broker Report: From disruption to collaboration
The digital broker report reveals the insights found from the Insurance Times digital transformation survey and discusses key topics with industry experts
Bolton fire puts pressure on building PI sector
Less than three years since Grenfell, the Bolton Cube building blaze has raised fresh concerns over cladding safety and had wider knock-on effects on insurability
Professional indemnity insurance capacity shrinks for advisors
Underwriting appetite dwindles in the wake of pension mis-selling claims and an increase in the award limit of the Financial Ombudsmen Service
Anaphylactic shock triggers reaction in restaurants’ public liability cover
Risk management becomes a prominent focus as the hospitality sector battles to prevent claims inflation around allergic reactions
Victor Syndicate 2288 eyes new territories amid expansion
The syndicate hopes to grow and establish its Lloyd’s presence
Is a MBO the way to go?
As merger and acquisition activity in the UK broking sector shows no signs of slowing, the choices for brokers at the smaller end of the scale are limited
Brokers suffering under stress strains - how is the industry reacting?
Biba is continuing to work with its members to raise awareness about the impact of mental health
D&O market has to fight impulse for broad brush increases
The UK market is facing a D&O dilemma - the industry’s reaction will define the class’s future
Worker status confounds legal expenses insurance provision
Is the middle ground between being an employee or a self-employed contractor causing a grey area for the provision of legal expenses insurance?
Whiplash reform hangs in the balance as election fever reigns
Voices in the industry say it would be a ’great disappointment’ if December’s election signalled the end of the much-discussed whiplash reforms
How Uber crackdown could impact the insurance industry
As Uber has its London licence revoked over a “pattern of failures” including uninsured drivers, Insurance Times looks at the potential impact on the insurance industry and whether the sector might hold a solution to save it?
Aviva’s personal lines MD on the future of etrading
Aviva’s Fast Trade platform celebrates its 10 year anniversary this year, but Gareth Hemming says it is still building for the future
‘My goal is to build a world class insurance company’ - Esure CEO David McMillan interview
The chief executive spoke to Insurance Times about his vision for the business
Insurance Times Awards 2019 finalist: McCarron Coates uses ‘claims avatars’ supplementing telematics
The Insurance Times Awards 2019 is this evening, we have more than a 100 finalists attending at our fabulous new Grosvenor House venue on November 22
