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.
Motor insurers should expect further losses this year as high inflation and low premium costs continue to hound the sector, reports say.
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.
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.
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.
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.
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.
The Financial Ombudsman Service revealed motor and buildings insurance are among the top five most complained about products for 2022/23.
Italian MGA Wallife has identified a big protection gap in the UK insurance market and has launched its digital identity solution to protect consumers.
HF and Hastings Direct have beaten a claimant solicitor’s attempt to inflate claim values by up to £50,000.
Lloyd’s of London chiefs have promised to "comment more expansively" on ESG guidance in September, as the industry moves to an “action phase.”
Despite the insurance industry making progress towards closing gender pay gaps, it continues to have the highest mean hourly pay gaps in 2023.
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.
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.
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.
More than half of insurers are already using generative AI in their organisation, according to research from Sprout AI and Opinum.
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.
Artificial intelligence could take on unexpected behaviours, leaving consumers being treated unfairly with vulnerable customers hit the hardest, industry leaders claim.