EY
EY: UK motor and home insurers to report largest losses in a decade
According to a report by EY, UK motor and home insurers are expected to make the biggest annual loss in over a decade this year, with further losses forecast for 2023.
In Depth: Taxi and private hire insurance faced with slow recovery
Sophie Locke-Cooper investigates the impact Covid-19 has had on taxi and private hire insurance, as the sector gets to grips with social and economic changes post-pandemic
Car damage inflation cooling off - Jefferies
Jefferies’ UK motor insurance tracker has revealed that car damage inflation has dropped and is now at 7% year-on-year as the group maintained its forecast of a combined operating ratio of 116% for the market in 2022.
Consumer Duty implementation extension a “Trojan horse”
An expert has warned that despite the recent extension of the Consumer Duty implementation period firms must agree their own plans within three months.
Car insurance premiums up 6% in the last 12 months
The cost of comprehensive car insurance rose by £32 in the last 12 months, according to research by Confused and WTW.
Chancellor hails planned repeal of EU financial laws
The current Chancellor of the Exchequer, Nadim Zahawi, has pledged that laws will be changed under the newly-published Financial Services and Markets Bill.
Motor market profitable in 2021 but losses predicted for 2022 and 2023
UK motor insurers achieved a profit in 2021 but will slip back into the red this year and next, EY has forecast.
FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
FCA Business Plan a "significant change of tone"
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
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.
Woolard to exit FCA for EY
The former interim CEO is set to join the consultancy in April.
FSCS begins payments after East West failure
A mystery third party has also offered to make a material financial contribution to the company.
Home insurance to “scrape a profit” in 2020
Poor weather threatened revenues but the fall in claims due to lockdown has lowered costs, but analysis paints a stormy picture for 2021.
UK insurance firm goes into administration
East West Insurance Company was forced into administration following a Court of Appeal ruling on a claim.
Brexit cost for financial services sector nears £4bn
EY says Brexit preparations have slowed after the deadline for the UK to leave the EU was extended.
Motor market records best year since 1985 ahead of troubled future, says EY
FCA pricing investigation and Civil Liability Act are expected to depress profitability in future years.
EY report reveals £1 trillion Brexit exodus
The organisation has estimated that £1trn worth of financial services business across 23 companies has left the UK for the EU.
Industry keen to work with FCA following dual pricing review
Biba and the ABI welcome the FCA's move, agreeing with the regulator that the market needs to work as well as possible for all customers.
Industry calls for urgent action as government publishes no-deal Brexit guidance
Experts say contract continuity is key concern as no deal scenario is described as "unthinkable" by the insurance sector.
Quizzical questions: 29 June 2018
Test your knowledge of the week's news with our topical quiz.
Best year for UK motor insurance market since 1994, says EY
Research shows second best underwriting result since records began in 1985.
Video: GDPR – Future proofing your business: Don’t panic!
In the culmination of the three part series the specialists run through what to do in the coming days, weeks, months and years now that GDPR is in place.
Video: GDPR – Marketing: what brokers can and can’t do
In the second of a three part series our experts tackle marketing under the new GDPR rules from phone calls and emails to the post.
Video: GDPR – What you need to know
Cheryl Martin, partner in the insurance advisory cyber and GDPR practice at EY and Branko Bjelobaba, founder of consultancy firm Branko Limited, share their knowledge on how the new regulations came about.