Data and Rankings
IPT receipts to hit record-high £9bn
Annual income from the Insurance Premium Tax in 2025/26 is set to break through last year’s record, coming just shy of £9bn, according to the Office for Budget Responsibility’s Autumn Budget projections.
Insurer service ratings jump up in Gracechurch survey
Insurer service ratings have increased to a +19 net promoter score, a survey by Gracechurch in partnership with the British Insurance Brokers’ Association has found.
Research finds only 7% of UK properties correctly insured
RebuildCostASSESSMENT.com has reported only 7% of UK properties are insured accurately with 70% of properties underinsured and 23% overinsured.
Quarterly weather related claims top £200m for first time – ABI
The Association of British Insurers has found claims for weather-related damage to people’s homes and possessions has hit £226m for the first time ever between January and April.
UK economic losses from natural catastrophes hit $800m in 2024 – Swiss Re
UK economic losses caused by natural catastrophes reaching $800m (£596.6m) in 2024 has shone a spotlight on the urgent need to strengthen resilience against future events, according to Swiss Re.
FOI: Cyber incidents reported to FCA by brokers seesaw
A Freedom of Information request by Insurance Age to the Financial Conduct Authority has shown swings in the levels of general insurers and intermediaries reporting cyber incidents to the regulator with a general downward trend over the last three years.
Brokers appetite for AI growing but split on automated vs in person underwriting
More than four out of five brokers said they would be interested or very interested in enhancing their operations with digital or automated processes, an increase of 15% since 2022, according to research by Aviva.
FCA finds ineffective monitoring of outcomes for vulnerable customers
The Financial Conduct Authority has reported ineffective outcomes-monitoring for vulnerable customers by financial services firms, with some businesses lacking clarity on what good looks like, and failing to have clear measurements.
Social media ghost broking frauds doubled in 2024
Action Fraud received 179 reports of social media car insurance scams in 2024, double as many as the year before.
Open GI parent reports loss in run-up to Ares investment
OM Bidco, Open GI’s parent company, has reported a loss after tax of £30.13m for the year to 31 May 2024, the final full financial year before Ares Management’s takeover and an improvement on a loss of £38.48m in 2023.
Insurer service improves but claims and consistency causes challenges – Gracechurch
Specialist insurance research consultancy Gracechurch has reported a nine-point uplift in the market average net promoter score of insurer service over the past six months.
Howden: SMEs remain underserved by cyber insurance market
Cyber attacks have cost UK businesses £44bn over the last five years, according to Howden, with the broker adding SMEs remain underserved in terms of insurance protection.
Broker stress levels hit six-year high
Two in five brokers have reported stress levels as high or very high, the record since Ecclesiastical’s annual Broker Wellbeing Survey was launched in 2019.
Flood Re sees record claims of £241.6m
Flood Re’s gross claims jumped to £241.6m in the past financial year from £45.9m in 2023.
Motor premiums increase by just 1% in Q1 – ABI
Motor premiums rose by just 1% in the first quarter of 2024, however the average claim paid increased by 8% according to the Association of British Insurers.
Law firm closures due to lack of PI slows down
A total of 34 law firms closed due to lack of professional indemnity insurance in 2022/23 up to the end of October, the lowest level since 2018/19.
Beazley’s profit before tax soars 115%
Beazley has reported its profit before tax leapt to $1.25bn (£984m) in 2023, a 115% increase on the year before.
Zurich UK grows in P&C but operating profit flat in 2023
Zurich UK has reported a 9% rise in property and casualty gross written premiums to £3.72bn for 2023.
Car insurance premiums surge 58% in a year
According to research by WTW and Confused, car insurance premiums have soared to a record high with a 58% rise in 2023.
Ecclesiastical urges brokers to highlight risks heritage clients face
Research by Ecclesiastical has found 90% of heritage clients experienced a crime in the past 12 months with graffiti and anti-social behaviour worsening.
Women make up less than 7% of CEOs in insurance sector
Women make up less than 7% of CEOs in the UK insurance industry (29 out of 431), according to research by specialist employment law firm GQ Littler.