This week: ‘Snow drama

Snow on cars

Despite the buildup - amber warnings, train winter timetables, and inevitable delays getting to work - insurers will be grateful many places today have only seen a smattering of snow today.

Last year’s Beast from the East, while great for those of us with kids, was a disaster for insurers. LV saw H1 2018 general insurance profits half and Direct Line was hit by a claims bill of £50m.

Bu

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Insurers face margin crush unless premiums are hiked

Data analysis: A sustainable margin recovery looks increasingly challenging for insurers with premiums needing to increase in real terms to prevent any erosion after a tripling of costs to 10.9% of premiums last year from 3.5% in 2022.

Stephen Wallace, McLarens

Steven Wallace is managing director of EMEA for global claims services provider McLarens and is the current president of the Chartered Institute of Loss Adjusters.