Pricing practices
Transport Secretary Haigh quits over phone offence
Louise Haigh has resigned as transport secretary after pleading guilty to a criminal offence related to incorrectly telling police that a work mobile phone was stolen in 2013.
Close Brothers to seek consent to pay premium finance commission
From next week, Close Brothers will seek consent from commercial customers for the payment of broker commissions for premium finance.
LexisNexis develops check to address ‘squeeze on consumer finances’
LexisNexis has started to offer insurance providers predictive credit reporting and affordability solutions, in the aftermath of the industry’s premium finance issues.
FCA bans and fines broker £1.1m for misusing funds
The Financial Conduct Authority has banned Leigh Mackey from working in financial services and fined him £1.1m for misleading the FCA and misusing funds due to insurers.
How the FCA could address premium finance failings
Marc Maxfield, risk and regulation expert at PA Consulting, explains what steps the regulator could take to reduce profiteering from premium finance plus how insurers should prepare for the watchdog's probe now.
How insurers can navigate the threat of biased AI
Dean Standing, chief customer officer of consultancy Sagacity, outlines why insurers should take more care when handling customer data to train artificial intelligence pricing models.
ABI’s Gurga hits top speed on motor insurance pricing
Hannah Gurga, director general of the Association of British Insurers, shares the work the trade body has been doing to help the government’s motor insurance task force accelerate into action and warns UK chancellor Rachel Reeves any increase to…
Wheels in motion for changes that benefit insurance customers
Following her attendance at inaugural meeting of the government's motor insurance taskforce, Rocio Concha, director of policy and advocacy at Which, shares her hopes for robust action from the regulator to make the sector work better for customers.
Impact of 20mph speed limit on motor insurance premiums revealed
Iwan Doherty, senior researcher at Fairer Finance, reveals some providers – but not all – are beginning to let the new car accident data about 20mph speed limits influence their motor insurance prices.
Why the government should examine how all insurance prices are set
James Daley, managing director of consumer group Fairer Finance, argues the government task force to tackle motor insurance should consider the way the entire general insurance market works.
Why premium finance is like a teenager’s stinky socks
Editor’s View: Emma Ann Hughes reflects on the ramifications of the Financial Conduct Authority shifting from issuing warnings to kicking off a review of premium finance for home and motor insurance on Wednesday (16 October).
Top 100 UK Insurers 2024: Aviva
Aviva Insurance Limited is ranked number 1 and Aviva International Insurance Limited is ranked number 2 on the Top 100 UK Insurers 2024 list.
Top 100 UK Insurers 2024: Drastic turnaround in profitability
Major players pulling out or significantly scaling back their personal lines propositions, while others saw commercial lines profits soar, has significantly shaken up Insurance Post’s Top 100 UK Insurers rankings in 2024, according to Ben Diaz-Clegg,…
FCA claims Gap action will save consumers £70m
The Financial Conduct Authority has said consumers will save around £70m due to improvements firms must make to guaranteed asset protection insurance products.
Only 3% of underwriters reckon pricing tech is perfect
A staggering 97% of UK actuaries and underwriters see room for improvement in the pricing technology they use, according to research from hyperexponential.
Tax take from insurers hits record high
The Association of British Insurers’ latest Total Tax Contribution survey, produced by PWC, showed the trade association’s members contributed a record £18.5bn to the UK’s public purse in the 12 months up to 31 March 2024.
Lessons insurers should learn from Ticketmaster’s dynamic pricing
Editor’s View: Emma Ann Hughes questions whether the fallout from Ticketmaster’s dynamic pricing approach to selling Oasis tickets could have an impact on insurance premiums.
Compare the Market utilising AI to ‘perfect’ product comparison
Compare the Market CEO Mark Bailie has labelled artificial intelligence a “godsend” as he pledges to use the technology to achieve perfect price comparison.
Spotlight: Insurance’s regulatory burden – are we to blame?
The insurance industry is under immense pressure from an increasing regulatory burden, but to what extent are firms themselves to blame for failing to adopt modern technology and processes?
Which? reveals insurer premium finance APRs
Research conducted by Which? has found that several motor and home insurers are charging what the consumer watchdog called “excessively high levels of interest on monthly payments.”
Reinsurers told they cannot ‘run from risk’
Reinsurers have been urged by Aon to “lean into risk” to protect the relevance of the broader insurance industry.