Claims
This month: That sinking feeling
We may have enjoyed plenty of sunshine this summer, but spare a thought for the insurers. The ABI this week reported a record-breaking surge in subsidence claims.
Government call for evidence over discount rate revision
The government has launched a call for evidence ahead of a review of the current discount rate.
ABI confirms summer heatwave caused record-breaking subsidence surge
The third quarter of 2018 saw a 350% surge in subsidence claims – the highest since records began 25 years ago – figures from the Association of British Insurers reveal today.
Aviva promises to 'reinvent' insurance and end dual pricing
Aviva will sell motor and household lines through a platform that will "reinvent" the way insurance is sold and tackle the issue of dual pricing.
Blog: Why you should get involved with The Claims Apprentice in 2019
From automation to digitalization; from controlling claims inflation to the legal framework for driverless cars, it could be argued that working in claims has never been scarier – but more exciting.
Home Repair Network gets investment from VC firm
A US-based venture capital firm has invested in Home Repair Network.
This week in Post: Another unrated insurer bites the dust
Hooking the headlines this week, Danish unrated insurer Qudos was placed in liquidation by its owner.
Plant theft claims on the rise as insurer reports 55% increase since 2013
Exclusive: Plant theft claims are to hit an all-time year high in 2018, Allianz has predicted.
Insurers make strides in digitising claims and renewals
Many more insurers are allowing customers to renew policies, make claims notifications and track claims digitally compared to last year, according to research by Altus Consulting.
Subsidence surge sees claims up 300% in 2018
It has been predicted that 2018 won’t be just a subsidence surge year, but one that will see the greatest upsurge in claims over a two year period.
Blog: How insurance risks exclude victims of domestic abuse
Victims of economic abuse often struggle to access insurance, writes Alice Merry, financial inclusion consultant for Surviving Economic Abuse, explaining what the industry can do about it.
This Week: We'll be watching you
At long last, the Civil Liability Bill cleared its final parliamentary hurdle this week, opening the way for a much-awaited review of the personal injury discount rate.
Hiscox claims director to retire next year
Jeremy Pinchin, Hiscox group claims director, will retire at the end of February 2019, after 13 years at the company.
MIB working with Aon to secure £400m of terrorism reinsurance cover
The Motor Insurers' Bureau hopes to secure £400m worth of reinsurance cover with an excess layer of £100m, ahead of the demutualisation of terrorism risks for third party motor on the 1 January 2019.
Insurers cast doubt on impact of ‘cycling awareness’ scheme on premiums
Insurers have cast doubt over the viability of government proposals to reduce insurance premiums for motorists who have signed up to a cyclist awareness course.
Aviva takes majority stake in Neos
Aviva has acquired a majority stake in connected home insurtech Neos.
Whiplash bill clears final hurdle before receiving Royal Assent
The Civil Liability Bill has been sent for Royal Assent after final amendments were approved by the House of Lords yesterday.
Insurers warned a 'robust' system will be in place to monitor discount rate savings
Parliament expects the insurance industry to deliver on pledges to pass on discount rate reform savings and will be monitoring its progress, Lord Keen of Elie told a conference.
Motor insurers paying out record £23m in claims every day
Motor insurers have paid £23m to motorists every day of the year so far, Association of British Insurers’ research has found.
Insured losses for the California wildfires could hit $13bn
Insured losses from the California wildfires could be between $9bn (£7bn) and $13bn (£10bn), RMS estimates.
Blog: Database overload
The insurance industry has achieved many successes in its fight against fraud but it now needs to address database overload, urges Steve Crystal, head of financial crime at Sedgwick.
FSCS issues warning over insurer records
Exclusive: Insurers that have complicated distribution models are failing to maintain accurate records of policyholders, the CEO of the Financial Services Compensation Scheme has warned.
This week: No alarms and no surprises
After more than two years of contingency planning, this week’s news that a proposed Brexit deal was likely to lead to a loss of passporting was met with no more than a shrug of the shoulders.
Staff at collapsed RIIG owed thousands in unpaid wages
Exclusive: Failed loss adjuster RIIG did not pay staff their full salaries for the 10 months prior to the company’s collapse.