News round-up: Business continuity
According to research from the Business Continuity Institute on behalf of the Chartered Insurance Institute, insurance professionals need a more consistent message when promoting the benefits of business continuity plans.
The research showed that the value of how such plans could help reduce premiums was often overlooked, with only two-fifths of brokers recognising that they can make a positive difference in terms of price and business interruption cover, compared to three-quarters of underwriters.
The UK personal motor market will remain unprofitable until at least 2015, according to a survey of UK insurers by Towers Watson. The professional services firm stated that the next five years of forecasted poor performance is being driven by a 30% annual increase in the cost of fraudulent claims and over-reliance on pricing in an increasingly competitive sector.
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