Insights for the UK and Irish insurance markets
While the world faces logistical challenges from COVID-19, insurance claims will continue to occur, and weather-related catastrophes will not abate due to the disease.
London insurers write a diverse range of policies across lines of business and geographies that it’s difficult to ensure policy language is up to date and consistent.
Insurance customer expectations are evolving. They’re seeking easier methods to purchase an insurance policy and make a claim when they experience a loss.
UK insurers saw a significant spike in escape of water and weather-related claims during Q1 2018 when Anticyclone Hartmut struck Great Britain and Ireland.
The 2018 Civil Liability Act is expected to take effect in April this year and is set to transform the handling of low-value personal injury claims in England and Wales.
Seventy per cent of travel insurers in Europe currently exclude pre-existing medical conditions.
Not understanding the quality of a risk can lead to poor attritional loss ratios, which is why it's paramount that Lloyd’s underwriters not lose out to poor-quality data.
Insurers in Ireland need to look at how they can use data from a wide variety of sources to significantly reduce the risk of fraud at the application and claims stage.
When developing a peril-specific rating plan for subsidence, heave, and other ground movement risk, property insurers can’t afford to rely on just one data source.
UK pet insurers can have a tough time keeping customers happy, especially for pets with pre-existing medical conditions.