Claims inflation
Reclaimed parts driving motor insurance profitability
Analysis: Fiona Nicolson examines how reclaimed parts have become a vital solution to the ongoing parts shortages affecting body shops and motor insurers.
BoE braces insurers to handle more cash-strapped customers
The Bank of England has warned higher interest rates increasing debt-servicing costs will result in general insurers having to handle a growing number of people financially squeezed in the coming months.
Why insurers’ COOs and insurtechs need to combine forces
Editor’s View: Emma Ann Hughes says it is time chief operating officers in the insurance industry realise holding the key to floors of servers isn’t going to save them from regulatory action.
Motor premiums will ‘need to go up further’ to manage claims costs, says ABI’s Skeet
The Association of British Insurers’ director of general insurance policy, Mervyn Skeet, has told Insurance Post that motor premiums will “probably need to go up further” because claims costs are still increasing.
Ways to tackle economics-driven insurance application fraud
Nick Jackson, partnerships director of CDL, explains how to detect quote manipulation or misrepresentation among those feeling the pinch.
Profile: Rodney Bonnard, EY
Rodney Bonnard, head of insurance for EY, chats to Scott McGee about his 30 years in insurance, the “profitability crisis” within personal lines, and how insurers need to be redefined for the future of insurance.
Insurers must right their wrongs for vulnerable customers, says FCA
Home and motor insurers need to put the “wrongs right” and “improve their treatment” of vulnerable customers as the cost-of-living squeeze continues.
Tough times ahead for motor insurers after ‘worst performing year in a decade’
Motor insurers should expect further losses this year as high inflation and low premium costs continue to hound the sector, reports say.
Bank of England says claims inflation will continue to affect every insurer
The Bank of England has provided feedback to the market from its review on the effect of claims inflation and whether insurers took recommendations on board.
Watch Zurich, Allianz, Markel, Guidewire and SS&C discuss claims inflation
The industry is facing the brunt of rising inflation across most lines of insurance as carriers see claims expenses mounting.
Hastings exposes dishonest solicitor who tried to inflate claim values
HF and Hastings Direct have beaten a claimant solicitor’s attempt to inflate claim values by up to £50,000.
Tackling soaring vehicle repair costs in the motor industry
Pete Thompson, director of product at Motor Repair Network, explores key tactics insurers can employ to streamline claims processes and reduce costs.
Claims Apprentice 2023: Episode six – The Final Interviews
With the three team tasks done and dusted, it is time for the six candidates to come face-to-face with Kennedys’ very own Sir Alan Sugar – Claire Mulligan – and put forward a case as to why they should be crowned the winner of 2023 Claims Apprentice.
Trade Voice: ABI’s Mervyn Skeet on why higher insurance bills may not be the hardest price rises to stomach
Mervyn Skeet, director of general insurance policy at the Association of British Insurers, argues that increasing home and motor insurance premiums need to be seen in a wider context of rising prices.
Simplifai’s AI tool; Howden’s telematics app; A-One joins Brokerbility
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Claims Apprentice 2023: Episode five – Claims Inflation Podcast part two
Having recorded their vox pops this week, things get real as Teams Aspire and Connect go into the studio to record their broadcasts.
Admiral founder warns clock is ticking on car insurance
Henry Engelhardt, founder and former chief executive of Admiral Group, warns the “clock is ticking on car insurance”.
View from the top: Aon’s Walia on making better decisions in uncertain times
Elisha Walia, UK chief of staff and director of UK public affairs at Aon, outlines the chronic risks that businesses need to face up to if they are to thrive in the years ahead.
Claims Apprentice 2023: Episode four – Claims Inflation Podcast part one
With one victory each, the third challenge looks to be vital for Teams Aspire and Connect as the claims apprentices seek to impress Kennedys’ very own ‘Alan Sugar’, Claire Mulligan.
Video Q&A: MRN’s Peter Thompson on the challenges facing the motor repair industry
In the lead up to the 2023 Motor and Mobility Conference, Peter Thompson, director of product at event sponsor Motor Repair Network, sat down with Jonathan Swift to discuss the biggest challenges facing the motor repair industry?
Motor Mouth Podcast: Evolution of sophisticated vehicle data
With the average age of a vehicle on UK roads being nine years, insurers must understand each use case, and the key to that is granularity, explains Lexis Nexis’ Tom Lawrie-Fussey.
Could the PRA soon be knocking on personal lines insurers’ doors?
Editor’s View: 2022 was tough for personal lines, but if you are an insurer who had a particularly difficult year, the Prudential Regulatory Authority could soon be knocking on your door.
CFO reveals how Aviva is combatting claims inflation
Aviva's chief financial officer Jane Poole has revealed how the insurer’s operations are preventing it from falling foul of claims inflation like rival Direct Line Group.
Esure chief says plummeting profits won’t derail digital ambitions
Esure chief executive David McMillan revealed the provider will press ahead with the £140.6m digital transformation programme despite posting a £29.1m loss for 2022.