Association of British Insurers (ABI)
Fraudulent claim value goes up but detection rates also increase
ABI data shows the average fraudulent insurance claim has now reached £12,000 as the the body praises the efforts made by insurers’ fraud investigation teams throughout the pandemic.
Agreement to speed up claims in pandemic expires
The ABI and ASCO have agreed to set aside the statement of intent develop to speed up claims resolution in the wake of the pandemic.
Pandemic pushes SMEs to rely on credit to fund business insurance
Three out of four SME bosses who use credit to pay for insurance premiums have said that the impact of COVID-19 is the main reason for increased borrowing, Premium Credit finds.
Industry warned of "bumpy ride" ahead after FCA confirms dual pricing ban
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.
Government closes £10bn trade credit scheme and announces market review
The temporary measure was developed to respond to the Covid-19 pandemic as government also announces a review to ensure outcomes are good for consumers.
Huw Evans to exit the ABI
The insurer trade body will commence its search for a replacement director general shortly as it reveals Evans will be joining KPMG in January 2022.
ABI launches flexible working charter
Signatories, which include Aviva, Ageas, Allianz, Covea, Ecclesiastical, LV, and Zurich, commit to opening up the majority of their roles to flexible working, job sharing and part-time working.
BLM launches cross-industry property damage body to combat claims surge
The industry-wide property damage Task Force is meant to bring insurers, brokers, loss adjusters, legal specialists, and corporates together to identify emerging issues in the property claims sector.
IPT-threat level raised
The “soft target” tax is under threat amid economic uncertainty but the sector is still arguing for a cut or a freeze.
Biba zones in on resilience in 2021 manifesto
Manifesto includes a number of commitments from the broker trade body, covering areas including underinsurance as a result of the pandemic, IPT, cyber insurance and signposting to help customers access insurance.
Blog: Why the BI ruling offers brokers the perfect opportunity to show their mettle
Following the Supreme Court business interruption ruling last week, Jonathan Swift argues brokers need not join their insurer partners in suffering Murder By the Orient Express, but instead play an important role in helping policyholders understand what…
Insurers urged to pay claims quickly following BI ruling
The Supreme Court concluded the Covid-19 business interruption dispute by substantially ruling in favour of policyholders.
Scheme to protect credit insurance transactions extended
The UK government, the Association of British Insurers (ABI), Euler Hermes and other underwriters have agreed to extend the State Support Scheme as providers warn of increased insolvencies.
FCA and insurers apply to leapfrog appeals to Supreme Court in BI test case
Regulator says discussions between the parties involved in the case continue ahead of the next hearing on 2 October, as the watchdog along with seven insurers file "precautionary" applications to skip Court of Appeal.
Biba urges industry to be mindful of its reputation after BI judgment
Broker trade body says it hopes the industry can move on following the High Court's decision yesterday and that any appeal will be “sorted out quickly” for the sake of policyholders.
In-depth - High net worth: Water torture
Escape of water claims can be very expensive, but convincing clients to install leak detection systems could save brokers and customers time, money and a lot of inconvenience. Sam Barrett writes
People Moves: Round-up 3 - 7 August 2020
Keep up to date with the latest people moves.
Insurers failed to raise issues with government's restriction triggers, says FCA
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
Biba says members are taking action to tackle dual pricing
A report from the trade body shows brokers are engaging with its Guiding Principles and Action Points to address dual pricing practices in the home and motor insurance sectors.
Amanda Blanc replaces Tulloch as Aviva CEO
Maurice Tulloch has retired for family health reasons.
Covid-19: PRA warns of potential "significant impact" on insurers from BI dispute
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
Insurance Covid-Cast episode 16: “From feast to famine in ten days” – How the travel insurance sector is dealing with the Coronavirus with no sales
In the latest episode of Post and Insurance Age’s video series we gathered together a group of travel insurance experts to discuss how the travel insurance sector is coping with a “tsunami of claims” and whether it will bounce back post-pandemic.
Covid-19: ABI hits back following open letter from pub industry
The sector has united to highlight its disappointment in the insurance industry following the coronavirus pandemic and lockdown.
Covid-19: Industry welcomes government-backed trade credit reinsurance scheme
Biba CEO Steve White says trade body worked with the government, the ABI and the Confederation of British Industry to find a solution after brokers in the trade credit sector said they found it “extremely difficult” to place new business.