Claims – Page 79
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NewsThe Big Question March 2021: How do the current market conditions compare to previous ones for professional liability classes?
With the UK set for an economic downturn amid Covid-19, professional liability classes have had quite a ride as a result. Insurance Times asked industry experts how the current market compares to previous ones for this line of business
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NewsWhiplash reform regulation to come into force from 31 May
However, some industry commentators believe ‘we’re still only half-way there on whiplash’ and that ‘none of this actually helps anyone to work out how to set up and process a whiplash claim’
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FeaturesIn Focus: ‘Enabler’ insurtechs will provide digital skill set to steer insurers out of pandemic – Sønr
Insurtechs offer a ‘great opportunity’ to assist large corporate insurers in making a ‘digital shift’ says Sønr chief executive
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NewsGeneral insurance market faces ‘fundamental changes’ – EY’s Tony Sault
Tony Sault, EY’s head of general insurance, tells Insurance Times what challenges the insurance industry might face over the next few years following the fallout from the pandemic, the Supreme Court business interruption case and the FCA’s pricing review
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NewsCommercial insurance pricing up by 44% in UK – Marsh
Global commercial insurance pricing was also up by 22% in Q4 2020
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NewsGovernment’s plan to reverse EU Vnuk law – risky or ‘positive development’ for insurance?
With the UK government planning to scrap the Vnuk law, what does this mean for the insurance industry’s plans to cover micromobility, such as e-scooters? Insurance Times finds out
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News AnalysisBI claims set to place ‘huge burden’ on loss adjusters following Supreme Court ruling
As well as new business interruption claims, many loss adjusters and assessors are also seeing an influx in ‘resurrected’ claims that have been awaiting the appeals judgment before being progressed
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News AnalysisL&G acquisition offers ‘really good opportunities for future growth’ says LV=GI boss
Plus, the FCA’s proposed changes around pricing will mark ‘a significant change event’ for personal lines insurers says LV=GI chief executive
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NewsABI members predicted to pay £2.5bn for Covid-19 claims incurred in 2020
The ABI’s director general believes the industry needs ‘to learn lessons from this unprecedented event’
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FeaturesAllianz Insurance exposed to BI claims through broker wordings
Chief executive adds that the insurer has seen 3,000 new business interruption claims following the Supreme Court’s judgment in January
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NewsAllianz Insurance sees 5.6% drop in GWP due to Covid-19 impact
The insurer says the total impact of coronavirus-related business interruption claims is £175m, net of reinsurance
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NewsMotor insurance premiums predicted to fall by up to 10% in 2021 – PWC
Home insurance premiums are also expected to decrease by 4% to 8%, says the professional services firm
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News AnalysisCovid-driven digital shift opens door of opportunity for new brokers
The Covid-19 pandemic has fast-tracked the use of digital solutions in broking. Insurance Times explores how digital shifts during the pandemic has opened up the market for new broker opportunities
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NewsMore than a fifth of adults trust insurance firms less because of Covid-19
To rectify the negativity surrounding the business interruption test case and the resulting impact on trust in the sector, ‘there is clearly work to be done at an industry level’ says Sicsic Advisory MD
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FeaturesFirms exposed to underinsurance as reputation becomes ‘massively growing risk issue’
Reputation-related insurance products are expected to become a ‘staple’ within the next five years as this risk becomes a rising agenda item for businesses
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NewsAccidental damage accounts for 48% of all new claims – LV= General Insurance
The insurer links this claim trend to the increase in home working and schooling, with drinks being spilled on technology such as laptops
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NewsRegulator warns capital markets will need to be part of future BI provision
The future provision of business interruption insurance is likely to require the use of alternative risk transfer solutions given the lessons learned from Covid-19
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FeaturesStandardisation: a route to greater transparency or ‘stifling’ for competition?
Standardising policy wordings may be considered a ‘dangerous road’ by some in the industry, but could some standardised elements support the push for improved transparency and policyholder understanding?
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NewsNearly half of bike insurance claims in 2020 were for theft – Bikmo
The average claim amount last year for bike insurance was £1,293 says specialist cycling insurer
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News AnalysisLockdown mitigates claims impact of Beast from the East II
Policyholders staying at home during lockdown are better able to combat potential escape of water claims resulting from the recent snowfall, but commercial clients may still be at risk following lockdown-induced business closures
