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AXA UK trials machine learning for motor claims
12th February 2020
AXA UK, a division of the French insurance firm, has said that its claim handlers are currently piloting a machine-learning tool that will help make faster and more accurate decisions regarding motor claims. Repair or Replace Intelligence (RoRI) captures data from phone conversations and uses machine-learning tools to assess the costs ... Read the full article
UK motor claims inflation outpacing rate increases: Moody’s
11th February 2020
Analysts at Moody’s have reported that claims in the UK motor insurance sector are increasing at a faster pace than premium pricing, which is challenging the profitability of the market. According to the Association of British Insurers (ABI), the average comprehensive motor insurance premium paid in the UK during the fourth ... Read the full article
Whiplash reforms might drive a surge in reported motor claims
16th December 2019
Ahead of the implementation of the delayed Whiplash Reforms, now set to be introduced in April 2020, there might well be a surge in reported motor claims, according to Chairman of the Society of Claims Professionals, Sue McCall. The UK Government announced previously that the Soft Tissue Injury Claims reforms – ... Read the full article
FCA measures could hit UK motor & home insurers’ profits: Fitch
9th October 2019
New measures proposed by the Financial Conduct Authority (FCA) following a report on competition in the UK motor and home insurance markets could impact profits in 2020, according to analysts at Fitch Ratings. Last week, the UK regulator raised concerns that competition was not working well for all consumers, estimating ... Read the full article
UK motor claims inflation up 8.6% with more pressure to come: WTW
22nd August 2019
Motor claims payout inflation in the UK rose by 8.6% in 2018, with further pressure expected throughout 2019, according to the latest benchmarking analysis from broker Willis Towers Watson (WTW). Analysts found that the average cost per claim now comes in at £4,791, having increased for the fourth consecutive year Gross accidental ... Read the full article
Tesla auto insurance offering “not a near-term threat”, say analysts
13th August 2019
The auto insurance offering being developed by Tesla, the Elon Musk-led automotive and energy company, is not going to disrupt the sector rapidly and the company is likely to look to partnerships, analysts said. Equity analysts from Credit Suisse recently attended a presentation by Tesla and heard the firm's Head of ... Read the full article
Ogden discount falls short, will have little capital impact for insurers: AM Best
22nd July 2019
The result of the UK Government’s first review of the Ogden Discount Rate (Discount Rate) falls short of market expectations and is not expected to have a significant impact on the capital of UK insurers, according to AM Best. The rating agency said the revision of the rate from negative ... Read the full article
DAC Beachcroft to launch AI-powered motor liability tool
12th July 2019
International law firm DAC Beachcroft has worked together with insurtech start-ups Automated Insurance Solutions and Audatex on the development of an online artificial intelligence-powered tool able to quickly and consistently assess liability following a motor accident. The BAIL platform is accessed via a secure web portal and enables Insurers to answer ... Read the full article
Munich Re enters global telematics partnership with The Floow
20th May 2019
Munich Re has entered into a new global partnership with The Floow, a provider of telematics solutions and a data refinery for re/insurers and manufacturers in the motor industry. Under the arrangement, The Floow’s portfolio of solutions and capabilities can be provided to insurance clients around the world, while also strengthening ... Read the full article
Whiplash reforms push down car premiums as Ogden review continues
5th April 2019
Car premiums in the UK declined by an average of £100 between December 2018 and February 2019, driven by the sector's response to the passing of the Civil Liability Act in December of last year. Canaccord Genuity questions whether the Ogden reforms will result in further reductions. The Civil Liability ... Read the full article
Profitability of UK motor insurers to remain under pressure: Fitch Ratings
29th March 2019
The profitability of UK motor insurers is to remain under pressure as the struggle to keep premium rates ahead of rising claim costs looks set to continue, Fitch Ratings says. While it’s difficult to hike prices without losing business, Fitch says several insurers emphasised their focus on defending profitability rather than ... Read the full article
Ogden rate change to be confirmed on or before August 5th
19th March 2019
The first review of the personal injury discount rate is set to be announced today by the Lord Chancellor, David Gauke, following outcry from auto insurers after the rate was cut from 2.5% to -0.75% in 2017. The UK' Ministry of Justice said today that the first review of the Ogden ... Read the full article
Rising motor prices drive improved outlook for French P&C sector: Moody’s
9th November 2018
Moody’s Investors Service has changed its outlook on the French Property and Casualty (P&C) insurance sector from negative to stable, reflecting rising prices and lower claims frequency in the key motor insurance market. French P&C insurers are also likely to benefit from a rise in interest rates, as they will gradually ... Read the full article
Implementing autonomous tech into reserving practices a benefit for re/insurers: Mark Hewitt
2nd November 2018
In light of the potential for future changes to the Ogden discount rate, for insurers and reinsurers, the implementation of autonomous technology into their reserving practices offers both cost and time benefits, according to Mark Hewitt, creator of the Verisk piCalculator and Founder, Director and Head of Development at Rebmark, ... Read the full article
Shepherd Compello adds Duncan McClure Fisher to Board of Directors
24th August 2018
Specialist insurance broker Shepherd Compello has announced that Duncan McClure Fisher, Chief Executive Officer (CEO) of motoring solutions company MotorEasy, has joined its Board of Directors. McClure Fisher has an insurance industry career spanning more than two decades and half a million warranties, and is a leading B2C warranty expert in ... Read the full article
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