Beast from the East or just a cold spell? Insurers brace for freezing weather claims
As wintry weather sweeps across the UK, many insurers are cognisant that another potential 'Beast from the East' or wave of unusually cold spells could lead to a surge in extreme cold weather claims.
Geodemographic segmentation gains traction as a way for insurers to identify groups that share similar characteristics for market analysis and decision-making.
The lack of relevant and credible cyber insurance data remains a challenge for the London Market, making it difficult to make informed decisions around cyber risk.
The future of claims is about elevating the customer experience, and insurers that aggressively pursue digital enablement today will be primed to excel tomorrow.
Digital technology has become critical to provide core claims services during lockdown. Verisk is at the forefront in this field with a full range of claims solutions.
Despite the challenges of the pandemic, it has also kickstarted operational and societal changes that have showcased that Lloyd's can adapt to a more digital environment.
ADAS features are becoming increasingly common in cars in the UK and Ireland, however insurers face challenges in obtaining accurate and meaningful data.
With storms Ciara, Dennis, and Jorge all contributing to the wettest February on record, it’s a sensible time for insurers to test whether their perils models are fit for purpose.
Crucial questions remain over whether insurers have the in-house capacity and expertise to develop truly fit-for-purpose solutions, or if they should opt for an industry partner to deploy an off-the shelf solution.
Premium leakage remains a big challenge among UK property underwriters. This article highlights five common ways underwriters might suffer from inaccurate rates, higher loss ratios or unexpected costs from claims due to missing or misstated underwriting information.
While the world faces logistical challenges from COVID-19, insurance claims will continue, and weather-related catastrophes will not abate due to the spread of COVID-19.