Claims inflation
Could the PRA soon be knocking on personal lines insurers’ doors?
Editor’s View: 2022 was tough for personal lines, but if you are an insurer who had a particularly difficult year, the Prudential Regulatory Authority could soon be knocking on your door.
CFO reveals how Aviva is combatting claims inflation
Aviva's chief financial officer Jane Poole has revealed how the insurer’s operations are preventing it from falling foul of claims inflation like rival Direct Line Group.
Esure chief says plummeting profits won’t derail digital ambitions
Esure chief executive David McMillan revealed the provider will press ahead with the £140.6m digital transformation programme despite posting a £29.1m loss for 2022.
Ombudsman expects uptick in insurance complaints
The Financial Ombudsman Service expects the number of general insurance complaints it receives to go back to pre-pandemic levels in the year ahead.
Insurance CFOs reveal what keeps them up at night
Data analysis: The insurance industry sees high inflation, a downbeat economic outlook and market volatility as the three biggest threats to profitability this year, according to Moody’s annual survey of chief financial officers from 22 leading European…
Esure bosses blame claims inflation for £29.1m loss
Esure posted a £29.1m loss for 2022 with bosses blaming significant claims inflation, a weak pricing environment, increased weather-related home claims, plus motor claims going back to pre-Covid levels.
Podcast: Lessons the insurance industry learnt from Covid-19
The industry has learnt to communicate more clearly what is and isn’t covered by insurance policies, according to the Association of British Insurers, Allianz and Genasys.
Direct Line posts £45m pre-tax loss as operating profit crashes 95%
After a well-documented difficult first three months of the year for Direct Line, financial results for 2022 show just how tough last year was.
How insurers are helping travellers carry on cruising
Emma Ann Hughes examines how three years on from a fatal coronavirus outbreak onboard the Diamond Princess, cruise travel insurance has changed to ensure thousands can set sail with confidence again this year.
Insurance Post Podcast: How the cost-of-living crisis is impacting motor insurance
The cost-of-living crisis is causing some motor insurance policyholders to delay making a claim because they would struggle to pay the excess.
Editor’s Picks: Musk’s move, navigating losses and regulatory improvements
As we approach the end of February, the headlines that caught your attention on Insurance Post this month show the challenges and opportunities facing the industry one year on after Russia invaded the Ukraine.
Claims Apprentice Podcast: Claims Inflation – Motor Repair
In this podcast, Team Connect – from the latest series of Claims Apprentice – looks at the factors behind the rise in motor repair claims costs.
Claims Apprentice Podcast: Claims Inflation – Personal Injury
In this podcast, Team Aspire – from the latest series of Claims Apprentice – looks at the factors behind the rise in personal injury claims costs.
Weather and inflation turn up the heat on Allianz Holdings’ profit
Allianz Holdings saw its 2022 operating profit more than halve as a result of higher-than-expected inflation and continued disruptive weather, CEO Colm Holmes has said.
Why property insurers are struggling to control claims costs
Analysis: Sam Barrett explores how inflation, increased labour costs plus material shortages are pushing up property insurance claims costs and why working with loss adjusters to remove frictional cost is essential.
Zurich UK’s profits down £67m due to claims inflation
Zurich UK has posted a profit of £403m for 2022, compared with £470m in 2021, with bosses blaming the dip on the impact of large losses, claims inflation and the very strong prior-year result.
Trade Voice: MGAA’s Mike Keating on why the outlook for 2023 is positive
Mike Keating, CEO of the Managing General Agents Association, says that despite external challenges, MGAs continue to demonstrate their value to their insurer and broker partners.
Why insurance should be recession proof
Editor's View: Insurance Post Editor Emma Ann Hughes kicks the tires of insurance to see if the industry is right to be pessimistic about its prospects at the moment.
Insurance Post Podcast: What the cost-of-living crisis means for insurers
The cost-of-living crisis is resulting in a growing number of policyholders pressing, complaining and shouting loudest in the hope their claim will move faster than everybody else’s, according to Claims Consortium Group.
How EU ruling pushed up the price of motor insurance
Analysis: Frances Stebbing explores the impact of the European Union’s gender-neutral pricing rules on how motor insurance is underwritten and priced today.
How inflation wiped out the benefits of the dual pricing ban
Data analysis: Dual pricing reforms successfully tackled price walking in motor and home policy renewals last year but Harry Whitworth reveals how double digit inflation threatens to nullify this benefit for customers in the next 12 months.
Is Direct Line’s profit warning a bellwether of more bad news to come?
Content director's view: Jonathan Swift reflects on what Direct Line Group's trading update, and decision to scrap its 2022 dividend, might mean for both it and the UK insurance market.
PRA warns insurers to brace for further inflation woes
The Prudential Regulation Authority has told insurers to factor inflation into their business planning, kick the tires of their approach to risk management and prove they can withstand cyber-attacks in 2023.
Review of the Year 2022: Claims and Legal (part two)
Senior claims figures look back on 2022 and reflect on what 2023 might bring.