Motor – Page 43
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FeaturesElectric vehicles prompt drive for data as underwriters define approach
The appeal of electric vehicles is on the rise - as are the numbers of these cars on the roads – but a lack of data and expensive repair costs are testing the industry’s response
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FeaturesTemporary motor insurance offers fraudsters ‘vast and immediate opportunities to exploit’
The Covid-19 pandemic has caused a shift in different types of crash for cash fraud – Insurance Times finds out what this means for the insurance industry
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IT InterviewBen Leech: Insurers must 'be on the forefront' as organised criminals exploit car finance plans
Change in crash for cash approaches and the newly launched whiplash reforms means it is ‘vital’ insurers adapt and ‘review their frontline defences’, adds fraud team partner
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NewsLV= committed to working with customers ahead of FCA’s fair value deadline
LV= Broker’s distribution and underwriting director says ’there’s likely to be quite a high level of disruption to market pricing and propositions’ following the implementation of the FCA’s pricing reform changes
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FeaturesBriefing: FCA must ‘up the ante’ on GI pricing reform to combat ‘very slow’ industry engagement
The regulator attempts to gee up insurance businesses ahead of its first GI pricing reform deadline with scathing multi-firm review – but will publishing ‘shortcomings’ galvanise industry action?
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NewsTesla Insurance could be worth more than Aviva
Elon Musk’s electronic vehicle firm saw sales topping £1.14bn last year in Britain
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NewsMore strategic cooperation between automotive insurers and supply chain needed – Sedgwick
Sector collaboration is vital as ’dealers and car distributors may lack the expertise to handle complex issues around electronics, telematics and sensors’, says loss adjusting firm
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NewsFCA concerned that insurance firms unprepared for incoming product governance rules
The regulator’s executive director for supervision says ‘it’s worrying that some firms may not be ready’ for 1 October deadline
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NewsNew EU speed limiter tech could hit UK car insurance prices
Insurance premiums ’could be reduced’ if new technology succeeds in cutting down the amount of accidents on UK roads, says aggregator Confused
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NewsFCA’s pricing reform ‘timeline is very aggressive’ – Axa
The insurer is ‘going helter skelter’ to meet the year-end deadline for pricing changes in the motor and home insurance markets says UK retail boss
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NewsClearer e-scooter rules needed for insurance policy development – More Than
More Than is ready to work alongside the ABI and government to further understand options for a legislative framework around e-scooters
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NewsIrish competition authority secures commitment from six insurers to combat price signalling
Despite the end of the CCPC’s formal investigation, the authority ‘is in no way giving the industry a clean bill of health’ when it comes to organisations’ culture around compliance
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NewsFCA updates GI pricing rules following stakeholder feedback
Changes include reporting requirements around commission-rebating and the definition of renewal business
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FeaturesBriefing: Highway Code changes could create claims cost uptick from ‘presumed liability’
Pedestrian and cyclist rule changes could also impact claims volumes – motor insurers will have a lot to juggle if they don’t prioritise customer education now
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NewsInsurance premiums drop by 16.9% for the UK’s youngest van drivers – Consumer Intelligence
Average van insurance premiums have increased by 33.6% since April 2014
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NewsPremium Credit inks telematics, van and home insurance deal with RAC
The premium finance provider looks forward to the partnership continuing for many years to come
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NewsZurich believes it has been ‘been at the forefront’ of tackling BI claims backlog
UK chief exec adds that the insurer has yet to see the ‘benefits’ of the OIC portal coming through following its launch in May
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News AnalysisGhost broking continues to be a ‘substantial problem’ for the industry
As the IFB warns new and younger drivers about bogus car insurance policies, Insurance Times finds out what this means for the industry
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NewsMarshmallow finalising cash injection to become latest insurtech unicorn
The company will join other unicorns revealed this year, including Bought by Many, Zego and Tractable
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NewsFCA pricing reform will encourage ‘evolution rather than a revolution’ – Admiral Group
The group will be investing in ‘planting new seeds for product diversification’ to improve customers’ claims journeys, adds chief exec
