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.
The latest set of figures from the FCA show providers have made initial payments worth £328.9m for unsettled claims and final settlements of £696.2m.
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
News analysis: Rachel Gordon investigates how broker-owned loss adjusters are changing the claims process and whether they could pile on the pressure for insurers.
FCA figures show interim payments of £331.2m and final settlements of £636.7m have been made since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 6,073.
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.
The motorbike specialist said the decision to create the new role at board level signals MCE’s ongoing commitment to customer-centric digitisation.
Provider points to continued impact from Covid-19 as well as competitive market conditions and the run-off of certain portfolios as it also reports a COR of 91.7%.
Provider also records rise in GWP and an improved COR of 93.1%.
Experts note Bronek Masojada, who is stepping down as Hiscox group CEO later this year, has built a business focused on quality, but some want to see a stronger broker focus as they say successor Aki Hussain's challenge will be to "win back the trust" of…
The broker-focused tool maps progress across five areas.
Masojada is set to step down at the end of the year and will be succeeded by group CFO Aki Hussain.
The MGA said the claims product could be offered as ancillary cover by personal lines brokers or embedded into a home policy wording.
Iprosurv's Rebecca Jones explains why drones can be a key tool in a broker's risk management and claims armoury.
The Financial Conduct Authority published the document on its website alongside a table to show relevant declarations by policy type.
The settlement follows on from the Supreme Court judgment in the FCA's BI test case in January.
Updated figures reveal providers have made initial payments for unsettled claims worth £308.9m and final settlements worth £566.6m since the Supreme Court verdict in the FCA test case.
The business suggested low claims frequency and unusually positive developments in the cost of bodily injury claims will boost its half year figures.
CEO Phil Barton reveals how the recent Kudos deal came about and discusses how the purchase of a loss adjuster will enhance the broker's client proposition.
Niche brokers say they have no choice but to use unrated insurers as compliance experts call for a change of the "unfair" FSCS levy system after the scheme steps in to pay claims following Gefion's bankruptcy.
The MGAs have co-created cover for freelancers and micro-SMEs operating in the health and wellbeing sector.
FCA figures show interim payments of £289.5m and final settlements of £467.2m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,152.
Insurance Age talks to the LV fraud team about the emerging fraud trends brokers need to be aware of.
RAC's Ian Lloyd discusses why breakdown insurance remains relevant today despite improvements in automotive technology and what brokers need to think about when choosing products for their customers.