UK insurers saw a significant spike in escape of water and weather-related claims during the first quarter of 2018 when Anticyclone Hartmut struck Great Britain and Ireland. How can insurers prepare for the next surge in extreme cold weather claims?
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.
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.
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.