European insurance watchdog seeks to protect policyholders from no-deal Brexit

No-deal Brexit - UK and EU puzzle pieces

E.U. policyholders wonder if their protection will continue when they’re covered by a U.K. insurer. Policyholders in the European Union feel uncertain as to whether their coverage through British insurance companies will continue uninterrupted in the case of a no-deal Brexit. The E.I.O.P.A. assures E.U. consumers that their policies will remain valid even with a hard Brexit. With only just over a month before the United Kingdom leaves the European Union, consumers are taking a closer look at what a no-deal Brexit will mean to them. As a result, some…

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Chubb insurance strategy braces for Brexit through corporate structure conversion

Insurance strategy - Brexit

Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea. As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit. The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom. At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United…

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UK insurance industry unprepared for Brexit, less than a year away

Insurance Industry - UK insurance industry not ready for Brexit - Domino

Without access to the European Union’s single market, U.K. financial firms will face unprecedented struggle. Ireland’s Central Bank Deputy Governor Ed Sibley voiced his concern about the financial and insurance industry challenges following Brexit. He stated that with less than a year before the United Kingdom withdraws from the European Union, banks and insurers remain unprepared. Sibley said the EU should not attempt to stop U.K. banks and insurance companies from the single market. Sibley’s financial and insurance industry warning is in direct opposition to certain E.U. opinions. Some E.U.…

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Self-driving car insurance for electric vehicles lacking in the United Kingdom

Electric car - self-driving car insurance

Axa claims that Great Britain may be lining up to miss out on driverless vehicle technology. A lack of appropriate infrastructure and a shortage of self-driving car insurance is setting up the United Kingdom to face serious challenges if it doesn’t want to get left behind with driverless electric cars, says the Axa insurance company. Autonomous vehicles are facing considerable barriers in the U.K. due to the lack of fast charging bays, among others. Drivers of electric cars are already facing struggles with the fact that there aren’t enough rapid…

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London tower block fire wasn’t without warning from the insurance industry

Grenfell London tower block fire

The Grenfell Tower building was completely destroyed in a massive blaze, killing at least 79 people. The London tower block fire that led to the death of at least 79 people and injured many others did not occur without warning. The insurance industry in the United Kingdom had previously warned the British government that the external surfaces like the one on Grenfell Tower and several other buildings are flammable and dangerous. The insurance industry’s warning was issued a month before the killer blaze that shook the city and shocked the…

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Car insurance company fails to use Facebook to learn about potential customers

Facebook car insurance company

The social network has stopped a U.K. insurer from using people’s posts as a part of rate calculations. Facebook is now blocking U.K. car insurance company, Admiral Insurance, from being able to use customer posts as a part of their premiums calculations. The insurer intended to look at everything from the use of superlatives (for example, “never”), to the frequency of use of exclamation points and even the length of posts to decide a customer’s rate. That said, Facebook was quick to stop the auto insurance company before it could…

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Cyber insurance policies carried by a falling number of companies

cyber insurance policies coverage fraud

PricewaterhouseCoopers has recorded a sharp drop in the number of firms with coverage in the last year. According to a recent PricewaterhouseCoopers survey, the number of companies in Great Britain with cyber insurance policies has plummeted. Firms have rapidly dropped the expensive coverage even as they boost their security budgets by as much as twice over. This has occurred at the same time that an array of high profile businesses experienced cyber attacks and data breaches. PwC explained that firms hesitate to invest in cyber insurance because the coverage appears…

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