Motor
Allianz Commercial sees double-digit jump in fraud detection again
Allianz Commercial detected £77.4m worth of claims fraud in 2023 – up from £70.7m in 2022 – with application fraud savings of £1.95m.
GAP insurers suspend sales after FCA concerns on fair value
Insurers covering 80% of the guaranteed asset protection market have agreed to pause sales after a request from the Financial Conduct Authority, the regulator has confirmed.
Markerstudy weighing up Northern Ireland options as it exits short-term market
Markerstudy has confirmed to Insurance Age that it plans to withdraw from the short-term motor insurance market.
Axa pulls the plug on motorbike business
Axa will stop underwriting motorbike insurance from March, Insurance Age can reveal.
UK commercial pricing flat in Q4 – Marsh
UK commercial insurance pricing was flat in the final quarter of 2023 having posted its first fall in years in Q3, according to the latest research by Marsh.
The AA buys Keycare
The AA has purchased Key Care, the household and motor key insurance specialist.
Administrators appointed at insurtech Humn after sale fail
Commercial motor insurtech Humn has appointed administrators after a failed Series B fund raise and aborted efforts to sell its assets.
Fitch: Improving outlook for insurers but no room for complacency
The effect of “baked in” pricing improvements and easing economic headwinds gives an improving outlook for insurers this year, but will only make it less bad than 2023, according to Fitch.
Amazon to shut Insurance Store after just over a year
Amazon is closing its UK Insurance Store, which was launched with great fanfare in October 2022.
Howden buys Scottish broker Laurie Ross
Howden has bought Glasgow-headquartered personal and commercial lines broker Laurie Ross.
French wholesaler buys motor specialist broker Lexham Insurance
April, a wholesale insurance broker in France and Europe, has bought two-wheeler insurance specialist Lexham Insurance.
Qmetric reveals £41m loss in run-up to sale
Policy Expert owner Qmetric lost £41.06m last financial year ahead of being bought by the Abu Dhabi Investment Authority, which has gone on to invest £35m in the business.
Allianz drops LV brand in broker channel
Allianz will rebrand LV Broker in May, the insurer has confirmed.
Ghost broker who targeted Sudanese community sentenced
The City of London Police have revealed a man who offered fraudulent motor insurance policies to Sudanese nationals living in the UK has been sentenced to 10 months’ imprisonment, suspended for 12 months.
Car insurance premiums surge 58% in a year
According to research by WTW and Confused, car insurance premiums have soared to a record high with a 58% rise in 2023.
Biba launches three claims guides for members
The British Insurance Brokers’ Association has unveiled three claims guides for members to use, to help customers better navigate the claims process for home, motor and travel insurance.
Biba unveils ‘Managing risk for growth and economic security’ theme for 2024 manifesto
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’.
Review of the Year 2023: Pearson Ham's Stephen Kennedy
Stephen Kennedy of the Pearson Ham Group assesses how the phrase ‘unprecedented premium increases’ took centre stage in 2023 and why rates are likely to stabilise next year.
Review of the Year 2023: Technology experts
Manoj Pant from Pega, Bradley O’Connor from Miller, and Tom Lawrie-Fussey from LexisNexis Risk Solutions offer perspectives on the year and predictions for 2024 from a technology expert perspective.
Allianz has all the ingredients to be the go-to on mid-market for brokers, says Carey
Dave Carey, managing director for mid-market at Allianz Commercial, is upbeat on the prospects for the insurer working in partnership with brokers as he reveals the characteristics-based underwriting approach for 2024.
Review of the Year 2023: Direct Commercial’s Adam Marsh
Adam Marsh, head of agency and development at Direct Commercial reflects on asking ChatGPT why commercial motor insurance should use AI and why good service is frequently over-promised and under-delivered.
FOS motor insurance complaints soar again to new five-year high
The Financial Ombudsman Service received 4,036 complaints about car and motorcycle insurance between July and September driven by disputes over vehicle valuation, customer service issues, and delays in claim settlements.
Former RSA employee who stole and sold customer details jailed
An ex-RSA employee has been jailed for stealing customer details and selling them to claims management companies.
EY predicts worst UK motor performance since 2010 with industry NCR of 114.6%
EY has revised its prediction for the UK motor insurance market and now expects this year will be the worst since 2010 with a net combined ratio of 114.6%.