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.
Customer expectations are continually evolving, no more so than in the world of insurance. Customers are increasingly digital-first and choosing services based on convenience. They’re seeking easier methods to both purchase an insurance policy and make a claim when they experience a loss.
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. The Act seeks to control the growth of motor insurance premiums for “ordinary” motorists by reducing the cost of whiplash injury claims.
While the exclusion of pre-existing medical conditions in travel insurance policies has been standard practice in Europe, there is regulatory pressure to reform.
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.
By developing rating plan for subsidence and other ground movement risk, insurers can rate policies more accurately, increase market share, reduce loss ratios, and lower combined ratios.