Claims inflation
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.
Review of the Year 2022: Claims and Legal (part one)
Senior claims figures look back on 2022 and reflect on what 2023 might bring.
Review of the Year 2022: Insurers
Senior figures from the insurance market look back on 2022 and reflect on what 2023 might bring.
Blog: Why fighting fraud doesn’t have to compromise the customer journey
With fraudulent claims on the rise due to the cost-of-living crisis, Scott Clayton head of claims fraud at Zurich Insurance, considers how insurers can effectively track fraudulent claims while still maintaining an efficient digital claims journey.
Ageas’ Robin Challand on how taking a more sustainable approach to claims could help to address inflation
Robin Challand, claims director at Ageas UK, says insurers can shield against the impact of claims inflation by adopting new processes and moving with the times in the face of the myriad of challenges that this year has thrown their way.
Blog: Is it time to integrate the motor claims supply chain?
In the face of inflationary pressures and rising motor repair costs, the use of reclaimed and recycled parts makes both economic and environmental sense. So, asks Jim Loughran, CEO at e2e Total Loss Vehicle Management, why isn’t more being done to scale…
Blog: Should insurers be concerned about The Great Cancellation?
The cost-of-living crisis is driving the great cancellation as people cut non-essential purchases. Streaming services such as Netflix, and gym memberships were some of the first to go. Bob Meier, product solutions manager at EIS, considers whether…
Webinar: Looking to a sustainable ‘new normal’ – what does the future of motor claims look like?
With the lifting of Covid-19 restrictions, and as the UK races into recession with high inflation, the insurance sector is now starting to assess what the ‘new normal’ looks like in terms of motor claim numbers, value and supply chain adjustments to meet…
Interview: Hannah Gurga, ABI
The ABI's new director general, who started her role in February, speaks to Scott McGee about her ambitions for the industry, being the best advocate for insurance, and her hopes when it comes to working with the new Prime Minister.
Motor insurers and credit hire companies agree maximum daily settlement rates
Motor insurers and credit hire companies have signed an interim agreement on increasing certain hire rates to enable both sides to navigate their way through the current challenges in the motor claims supply chain.
Lloyd's reserves £1.1bn for Ukraine-related losses
Lloyd’s has set aside £1.1bn for losses arising from the conflict in Ukraine, around a quarter of the sum relating to expected aviation losses.
Analysis: Tough times ahead in the inflationary storm
With the UK inflation rate hitting a 40-year high of 10.1% and claims costs rising, Post investigates what is steering this inflation, and what the industry is doing to mitigate the pressures that come with it.
Higher personal lines premiums ‘an inevitability’, says RSA’s Norgrove
RSA will not hesitate to increase personal lines premiums in the face of economic headwinds, UK and international CEO Ken Norgrove has said.
Intelligence: Protecting customer-facing staff
With rising energy bills, inflation and the cost-of-living crisis all hitting consumers in the pocket tensions are running high and customers service departments are facing more hostility. Sam Barrett investigates what insurers are doing to protect their…