Pricing practices
Irish guidelines for assessing damages to push up premiums
Aine Tyrrell, partner at law firm DAC Beachcroft, explains why fresh guidelines for the assessment of damages in Northern Ireland could add to the costs faced by insurers and contribute further inflationary pressure to premiums for liability and motor products.
Motor insurers warned about political and regulatory intervention
Motor insurers stand on the precipice of a possible explosion in complaints relating to essentials and value policies. And if the industry does not act it should be ready for political and regulatory intervention.
Why we empathise with consumers on premium prices
Mark Shepherd, head of general insurance policy at the Association of British Insurers, explains why empathising with motor insurance customers is crucial and how the trade body is helping providers to improve the communication of product value at…
Tech transformations wont work ‘if the tail is wagging the dog’
Two years on from being brought in to oversee Direct Line’s online transformation, the insurer’s chief information officer Ash Jokhoo has outlined how work to develop an end-to-end digital claims process is going.
What pushed up the price of EV premiums
Andrew Little, head of marketing and sales at Redtail Telematics, explains what pushed up electric vehicle motor insurance premiums plus what it will take to make cover more affordable again.
Motor insurers should stop apologising for premiums
Editor’s View: Rather than toadying to MPs by promising to tackle premiums, Emma Ann Hughes argues providers should do a better job of explaining the value of car insurance.
Could premium finance face Gap-like FCA action?
After the Financial Conduct Authority’s Matt Brewis labelled premium finance a “poor product”, Scott McGee examines if the industry has done enough to defend this method of paying for insurance or whether the regulator will soon feel forced to clamp down…
FCA pauses all Gap insurance sales
The Financial Conduct Authority has ordered all providers of guaranteed asset protection insurance to pause selling the product by the end of this month.
Scale of motor insurance market shrinking laid bare
Data analysis: Mike Powell, insight manager for banking and general insurance at Defaqto, examines why there are now 14% fewer insurance brands selling comprehensive car insurance than there were 10 years ago plus what features have been stripped out of…
Four ways to boost motor insurer’s profits
Insurance Post gathered a group of personal lines experts to discuss what it will take to make motor insurance more profitable for providers and appreciated by policyholders.
Motor insurance ‘as affordable now as it was in 2018’
Sabre CEO Geoff Carter has said that the burden of paying for motor insurance premiums is no worse now than it was in 2018.
ABI outlines plan to tackle motor insurance premiums
The Association of British Insurers has unveiled steps the industry will take to bring down motor insurance premiums after the cost of cover soared by 25% in 2023.
Pace of motor insurance inflation starts to slow
Data analysis: While comprehensive car insurance premiums increased sharply by 58% (£366) during 2023, Emma Ann Hughes examines how the latest data suggests drivers will not face as big a bumph in the cost of cover this year.
FCA commission crackdown goes beyond flats
Editor’s View: The Financial Conduct Authority’s policy statement on multi-occupancy buildings insurance in September plus the decision to push the pause button on guaranteed asset protection insurance sales last week was “a shot across the bow” on…
Admiral partners with Google Cloud for new products
Admiral has struck a deal with Google Cloud, which will see the technology giant host the provider’s policy management and billing platforms plus use generative artificial intelligence to produce new products and services.
What to expect from the regulator in 2024
Post Podcast: Insurers should brace themselves for the Financial Conduct Authority kicking the tires of how well providers and brokers are adhering to Consumer Duty requirements in 2024.
Insurers warned Consumer Duty checks cannot paper over cracks
Insurance chiefs and boards must produce an annual assessment of compliance with the Consumer Duty that highlights flaws rather than papers over cracks, a former Financial Conduct Authority leader has warned.