Articles by Frances Stebbing
Direct Line ordered by FCA to reassess historical total loss claims
The Financial Conduct Authority has ordered the motor insurer to go back through five years of claims, after admitting it had underpaid some car and van insurance customers.
Tough times ahead for motor insurers after ‘worst performing year in a decade’
Motor insurers should expect further losses this year as high inflation and low premium costs continue to hound the sector, reports say.
Zurich aims to build sustainable supply chain
Zurich has shared plans to build stronger transparent environmental reporting with its suppliers, and how it aims to be “one of the most responsible” sustainable companies in the world.
Bank of England says claims inflation will continue to affect every insurer
The Bank of England has provided feedback to the market from its review on the effect of claims inflation and whether insurers took recommendations on board.
Allies needed for underrepresented voices to be heard
Leaders in the financial services sector have shared the importance of how allies push for a more inclusive environment, but need more to step up and speak out.
Lloyd’s former broker Terry Wellard dies
Terry Wellard, the longest-serving chairman of the LIBC Motor Executive Committee, has died aged 82.
Bank of England to test mini-Budget-type stress on insurers
The Bank of England has launched its first “system-wide exploratory scenario” to throw light on the behaviours of insurers, banks and investment funds in stressed financial market conditions.
The Insurance Charities seeks industry support for its awareness campaign
As the cost-of-living crisis continues to leave people feeling the pinch, The Insurance Charities is asking for help so it can reach those in need.
Furness to leave Covéa after 30 years
Covéa Insurance has selected Georges de Macedo as chief executive and Chris Moat as chairman of its board of directors.
EU moves forward with AI regulation
The use of artificial intelligence in the EU will now be regulated by the AI Act to ensure that AI developed and used in Europe complies with EU rights.
Industry-specific GPT ‘only way’ to mitigate security risks
Simplifai has stressed that specially built industry-specific GPT, which is trained on insurance data, can alleviate AI concerns and tackle security and data privacy issues.
Motor and buildings insurance top the most complained about products by consumers
The Financial Ombudsman Service revealed motor and buildings insurance are among the top five most complained about products for 2022/23.
Wallife launches digital identity theft insurance in the UK
Italian MGA Wallife has identified a big protection gap in the UK insurance market and has launched its digital identity solution to protect consumers.
Hastings exposes dishonest solicitor who tried to inflate claim values
HF and Hastings Direct have beaten a claimant solicitor’s attempt to inflate claim values by up to £50,000.
Scor’s former CEO and chairman Denis Kessler dies
Denis Kessler, chairman of Scor and former chief executive, has died aged 71.
Lloyd’s to publish ESG plans after net zero criticism
Lloyd’s of London chiefs have promised to "comment more expansively" on ESG guidance in September, as the industry moves to an “action phase.”
Gender pay parity ‘50 years away’ as insurance halts progress
Despite the insurance industry making progress towards closing gender pay gaps, it continues to have the highest mean hourly pay gaps in 2023.
AI will make staff ‘superhuman’ but customers will still be ‘light years ahead’
Industry experts have highlighted the opportunities artificial intelligence can bring, but warn insurers could be missing what customers really need in the long term as they grapple with the new tech.
Insurers show ‘slow but steady’ improvement as nuisance calls decline
The number of nuisance calls and texts reported to the Information Commissioner’s Office halved in 2022 compared with the previous year, with the insurance sector scoring better than other industries.
Better staff training needed for insurers to be more dementia-friendly
The Alzheimer’s Society has claimed that while the insurance industry is showing willingness to learn, better staff training is needed if it wants to become more dementia-friendly and help vulnerable customers.
Insurance veteran Sir David Brewer dies
Sir David Brewer, a former Lord Mayor of the City London and former president of the Insurance Institute of London, has died aged 83.
Insurers putting ‘words into action’ utilising generative AI
More than half of insurers are already using generative AI in their organisation, according to research from Sprout AI and Opinum.
Antitrust concerns flagged as more members leave NZIA
Three more insurers have left the Net-Zero Insurance Alliance after US state attorney generals said NZIA commitments may “violate" state and federal antitrust laws.
AI could become the ‘wild west of tech’ if it is not used appropriately
Artificial intelligence could take on unexpected behaviours, leaving consumers being treated unfairly with vulnerable customers hit the hardest, industry leaders claim.