IPT increase

Brokers & Consumers Brace for Another IPT Hike

Sadly for consumers, insurance premiums have steadily risen over the past several years. According to the British Insurance Brokers’ Association (BIBA), home insurance and motor insurance premiums increased by 2.2% from 2015 and 2016. Business enterprises had it worse, however, especially small and medium-sized enterprises, which experienced a 3% increase. Unfortunately, 2017 isn’t shaping up[…]

Major disaster simulation

Insurers Simulate the End of the World: It’s not a Bad Thing

On March 11, 2011, Japan was devastated by a deadly double-blow of a magnitude 9 earthquake, followed by a tsunami of Biblical proportions. The Fukushima nuclear plant, despite stringent safety standards, suffered a level 7 meltdown, adding to the loss of life and property. The triune disaster caused over $360 billion in damages and there[…]

Robot meets human

Robots & AI pose unique Challenges to the Insurance Industry

Various degrees of automation have been occurring in several commercial and industrial sectors for some time. Mechanisation saw the loss of millions of jobs in agriculture and manufacture, and with the rise of computers, many white collar workers have joined the ranks of the newly redundant. It is estimated by The McKinsey Global Institute that[…]

apple stress test fail

How Does the Insurance Industry Stand Up to Stress Tests?

Changes in the global economy, specifically within the macro-economic environment pose a substantial challenge for businesses in the coming years. Low interest rates and falling asset prices could spell disaster for the investment and insurance industries. Unless, that is, measures to safeguard against potential disaster are implemented on a wide scale. Can the insurance industry[…]

Climate change

Insurers Can Make Real Difference to Climate Change

We’ve been denying or avoiding the truth about climate change for so long that even if everyone and every company made an about turn now, it might be too late to save the planet. Appealing to people’s conscience hasn’t worked. Graphic images of damage already caused and damage yet to come haven’t worked. Reminding them[…]

Migrate to the cloud

Invest in New Technology & Explore the Cloud if You Want to Stay in Business

Technology is advancing so quickly that if you blink you miss an update. The public primarily focuses on new developments in entertainment and computing, but businesses, especially in competitive industries like insurance, need to focus on product and service enhancing developments. Of these, there are plenty. However, not all industries have been quick to capitalise[…]

insurance risk

Do Insurance-Linked Securities Hold the Key to London’s Reinsurance Success?

The UK’s insurance industry could get a much needed boost if the British Treasury gets its way with insurance-linked securities (ILS). ILS is currently among the fastest growing sectors of the market and capturing its share could help the UK remain a reinsurance hub. However, to capitalise on ILS, we need a new regulatory and[…]

Millennial consumers

Insurance for Millennials: What, Where and When They Want It

The insurance industry is often criticised for being slow on the uptake when it comes to innovation. It’s known to dig in its heels in the face of change. It’s one of the reasons it’s considered quite boring and struggles to attract bright young minds. However, there is a change coming that has the potential[…]

Overwhelmed_Flood_sign,_Upton-upon-Severn

Brokers and Insurers Brace for Flood Damage

Thanks to Storm Desmond, this time last year insurers received 15,300 claims for flooded properties and 6,600 claims for flood-damaged vehicles. Furthermore, 3,900 families claimed for alternative accommodation and insurers paid claims for home repairs amounting to between £20,000 and £40,000 per home. On the commercial-side of things, insurers paid emergency claims worth £49 million[…]