Association of British Insurers (ABI)
FCA’s Brewis warns MPs premium finance action could have ‘waterbed effect’ for consumers
The Financial Conduct Authority’s insurance director Matt Brewis has raised the concern that taking action on premium finance would have little or no impact on the price of motor cover.
ABI campaigning for IPT cut
There has never been a greater need for a cut in Insurance Premium Tax according to the Association of British Insurers as it campaigns for an immediate drop in the rate.
Experts tackle factors driving claims complaints to five-year high
The industry needs to make it clear to consumers why premiums are rising according to specialists at the Association of British Insurers’ annual conference.
FCA ‘still learning’ about Consumer Duty, claims GI boss Brewis
No single metric will decide whether the Consumer Duty has been a success. But if people are no longer talking about it, that will be a positive sign.
Treasury on ‘mission’ to build ‘open and innovative regulatory environment’
The Treasury is looking to build an “open and innovative regulatory environment” in which UK insurers can thrive.
Home premiums up 4% in Q4 2023 – ABI
The average price of home insurance rose 4% in the fourth quarter of 2023, according to the latest Household Premium Tracker from the Association of British Insurers.
Ex-ABI boss Huw Evans named KPMG UK’s head of insurance
Huw Evans has been appointed head of insurance at KPMG in the UK, replacing Trevor Jones from April 2024 who is retiring from the firm.
ABI adds Blanc, Foley and Boulton to board
The Association of British Insurers has added Aviva’s Amanda Blanc, Axa’s Tara Foley and Clive Boulton of M&G Life Insurance to its board.
ABI calls for IPT cut as motor insurance prices hit record high
The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.
ABI warns on ‘stalled’ apprenticeships as it urges industry to push on DEI
The number of apprenticeships offered by the Association of British Insurers’ members has stalled at 1,231 the trade body has confirmed as it called for faster and more focused action from the industry.
Biba welcomes FCA flat insurance reforms
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s rule changes on residential multi-occupancy buildings insurance.
Biba CEO Trudgill hails protection signposting success as agreement renewed
More than 30,000 consumers have sought help to access life and protection insurance since an industry agreement to signpost customers with medical conditions to specialists was introduced in January 2020 spearheaded by The British Insurance Brokers’…
Headline makers – September 2023
The hottest stories from 1 to 31 August.
Motor payouts hit record £2.5bn in Q2, says ABI
Insurers paid out £2.5bn in motor claims in the second quarter of this year, according to the Association of British Insurers, the highest quarterly figure since it started collecting data in 2013.
Biba, ABI and government renew age signposting insurance agreement as enquiries top one million
The British Insurance Brokers’ Association has confirmed the renewal of the signposting agreement with the government and the Association of British Insurers to help older people find car or travel cover.
Insurance scams totalling £1.1bn detected in 2022
The value of the average insurance fraud case rose by 20% to £15,000 in 2022, according to the Association of British Insurers.
Motor insurance prices at record high – ABI
The average premium paid for private comprehensive motor insurance in the second quarter of this year was £511, according to the Association of British Insurers, the highest figure since it started collecting the data in 2012.
Experts call on brokers to take action as climate change drives shift in flood risk
Flood insurance specialists have urged brokers to stay on top of how they can help clients as the number of natural catastrophe weather events in the UK continues to increase due to climate change. Ida Axling investigates.
ABI reveals soaring trade credit claims
The Association of British Insurers has revealed member trade credit insurers received 5,300 claims for businesses in the first quarter of 2023, up 81% on the same period last year.
Zurich UK CEO Bailey takes over as ABI president
Tim Bailey, UK CEO at Zurich, is the new president of the Association of British Insurers.
Brokers can no longer rely on insurer ‘pipeline’ to win war for talent
Brokers need to build their own pipeline of staff to win the war for talent because insurers are not going to do it for them anymore.