The industry needs to make it clear to consumers why premiums are rising according to specialists at the Association of British Insurers’ annual conference.
The British Insurance Brokers’ Association has called for a proportionate regulatory framework that can facilitate growth as it unveiled its 2024 manifesto, ‘Managing risk for growth and economic security’.
The latest figures from Acturis show that commercial insurance premiums continue to rise, resulting in an increasingly challenging environment for brokers and their clients, reports Rachel Gordon.
US-based parametric climate risk specialist Arbol has expanded internationally by launching a new, London-based managing general agent.
Axa has welcomed Labour’s commitment to appoint a Minister for Resilience if elected to Government at the next election.
Flood Re has appointed Bridget Rosewell as non-executive director and chair-designate to succeed outgoing Mark Hoban, taking up the chair post at the end of September.
Brokers have engaged with Build Back Better, and want to communicate the benefits to clients, Flood Re CEO Andy Bord has confirmed, as the mutual reinsurer outlined plans to help educate the sector.
Mutual reinsurer Flood Re covered 265,826 policies in the year to 31 March 2023 – a 3.6% rise on the previous 12 months.
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.
As trusted local experts, brokers are well positioned to make customers and clients aware of flood risks and help them better prepare, asserts Ian Gibbs, national technical manager, Sedgwick.
Flood Re has produced a targeted training resource for the insurance market, to drive a deeper understanding of the Build Back Better scheme within insurance companies, managing general agents, brokers and throughout the claims supply chain.
With the recent raft of insurance results, the personal lines sector is very much under the spotlight. Mike Crane, LV Broker managing director and L&G General Insurance CEO, offers some thoughts on how to navigate 2023 and beyond.
The UK was hit by $900m (£732.6m) of economic losses from natural catastrophes such as storms and flooding in 2022, with insurance covering $800m of the total, according to Swiss Re.
The British Insurance Brokers’ Association’s manifesto is not a “bellyache” document but one full of solutions, CEO Steve White told Insurance Age.
Increasing weather-related claims and soaring rebuild costs will damage the profitability of UK property insurers this year, according to analytics company Globaldata.
Covea, Hiscox and RSA have all committed to help the UK adapt to the changing climate by joining Flood Re’s Build Back Better scheme.
NBS Underwriting has rolled out its combined package product, Community Enterprise, and revealed a capacity deal with Axa on non-standard household policies.
The British Insurance Brokers’ Association has encouraged brokers to use its flood directory to ensure eligible households that are denied flood cover can still be offered it.
Earlier this month LV released figures showing that subsidence cases were up by 205% between June and July, and warned that they were likely to increase even more.
Research by Zurich has revealed that two-fifths of London businesses are at risk of being hit by flash floods as heavy rainfall is predicted to hit the capital.
Specialists have highlighted the benefits to brokers of delivering parametric insurance to their clients and warned they will lose out if they do not engage with the fast-expanding offering that is becoming more mainstream.