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 time for insurers to test whether their perils models are fit for purpose.
Crucial questions remain over whether insurers have in-house capacity and expertise to develop fit-for-purpose solutions, or if they should opt for an industry partner.
Learn common ways underwriters might suffer from inaccurate rates, higher loss ratios or unexpected claims costs due to missing or misstated underwriting information.
The impact of the UK personal injury reforms, now set to take effect in August, is uncertain. The small claims track limit is expected to increase from £1,000 to £5,000.
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.