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Crif’s fraud platform; Brown & Brown enters Scotland; Cila’s president
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA set to simplify fair value measure data reporting
The Financial Conduct Authority has proposed plans to reduce the reporting burden on firms surrounding the fair value measures data.
Staff will reject ‘Ask Jeeves’ AI tools if options are limited
Ed Jackson, chief commercial officer at MGA HomeProtect has urged firms not to give staff “the Ask Jeeves equivalent of artificial intelligence” and establish some key principles in how to use the technology from the outset.
How 9/11 still shapes insurance
Editor’s View: On the 25th anniversary of 9/11, Emma Ann Hughes reflects on how the attacks changed terrorism risk, catastrophe modelling and insurance capacity forever and reminds the sector of how it must always help people recover from loss.
Penny Black’s Social Diary: Golden sponsor for Celtic FC
Penny Black has been out and about again, notebook in one hand and canapé in the other, keeping a keen eye on the insurance industry’s more whimsical moments.
FCA weighs AI challenge as ChatGPT reshapes insurance distribution
The Financial Conduct Authority is considering a review of whether its regulatory perimeter needs to expand as growing numbers of consumers turn to artificial intelligence tools such as ChatGPT for help choosing an insurance policy.
Zurich's Harvey says climate change hazards must be broadened
Insurance responses to climate change need to be broadened out to multiple hazards says Zurich Resilience Solutions’ specialist risk engineer James Harvey.
Large losses likely before AI becomes stand-alone insurance class
Artificial intelligence needs to be better defined by insurance companies – and a few large associated losses are likely to be absorbed within existing product lines – before it is underwritten as a stand-alone class of business.
City minister urges insurers to tackle economic abuse
City minister Lucy Rigby has called on insurers to step up efforts to identify and tackle economic abuse, urging firms to embed safeguards into product design and customer services.
Is it Terminator: Judgment Day for insurance AI?
Editor’s View: Emma Ann Hughes argues the safest future for insurance as it intertwines with artificial intelligence is one where humans retain the ability to say “Hasta la vista, AI” and can still keep calm and carry on if they have to flick the kill switch.
Editor’s Choice
Is a gen AI-enabled fraud tsunami heading for multiple business lines?
Amid an escalation of artificial intelligence-enabled fraudulent claims in the home and motor lines, Marcel Le Gouais explores how insurers are ramping up detection measures and collaborating with police to aid fraudster convictions.
Has broker Bennetts set a record with seven owners since 2000?
Content Director’s View: Private equity, consolidators, insurers seeking diversification ... these have all contributed to a boom in M&A and investment in the UK insurance sector since 2000. Jonathan Swift looks at which businesses have – as a result – changed hands the most since the turn of the century.
How insurers are navigating a stormy yacht market
From superyachts to mid-tier pleasure craft, Tom Luckham explores what's driving the yacht insurance market, and whether better tech, data and underwriting is keeping pace with risk.
Protecting panting pets from overheating in heatwaves
As the UK swelters through heatwaves, Scott McGee discovers insurers are seeing signs that soaring temperatures are changing the nature of pet claims and prompting renewed focus on prevention.
Insurance matrix
Middle East disruption drives uptick in travel insurance complaints
A 30% year-on-year rise in travel insurance complaints has been partly linked to disruption from the Middle East conflict. However, Millie Ridley, senior researcher at Fairer Finance, reveals customer satisfaction in the product continues to improve.
Energy leaders say insurance is ‘essential’ to their business
Energy business leaders view insurance as essential to their business and reckon insurers’ importance will grow, according to new data gathered by Reuters Insights and Axa XL.
Parametric benefits gain traction in travel insurance
A growing number of providers are introducing automatic flight and baggage delay payments as demand for faster claims solutions increases, according to Anna-Marie Duthie, insight consultant for general insurance at Defaqto.
Home insurers with the most satisfied customers revealed
Customer trust and satisfaction in home insurance is improving, but Fairer Finance’s latest consumer survey shows claims handling remains weak and vulnerable customers continue to face the poorest outcomes.
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