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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Auto insurance fraud suffers a blow in the United Kingdom

auto insurance young drivers UK

UK Ministry of Justice puts an end to compensation for minor whiplash injuries The United Kingdom government is working to combat auto insurance fraud and the Ministry of Justice is putting an end to compensation for minor whiplash injuries caused by car accidents. Instead of receiving compensation from their auto insurance providers, their rehabilitation will be paid for, which the government expected will save consumers an estimated $1 billion a year in insurance costs. Moreover, cutting down of fraudulent claims may lead to a decrease in auto insurance premiums. Changes…

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Auto insurance premiums to rise in the UK

cyber insurance theft id higher rates

Esure announces that it intends to raise insurance premiums Esure, a prominent auto insurance provider in the United Kingdom, has warned its customers that it intends to raise premiums for the policies it provides. The company is citing the growing number of personal injury claims as the reason behind the rate increase. Esure has generated more than $3 million in auto insurance underwriting profits from January to June this year. This is a 80% decrease in the profits the company say over the same period last year. Insurer highlights the…

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Insurance fraud exposure generate a daily savings of $5.58 million

fraudulent insurance claims jail scam

A new ABI study has shown that the efforts to stop fraudsters are saving consumers in the U.K. The Association of British Insurers (ABI) has now released its data about the impact of exposing insurance fraud in the United Kingdom, and the results are showing that it is saving consumers a massive amount of money. The report showed that a daily $5.588 million (£3.6 million) is saved because of exposing insurance cheats. According to the report, the daily amount is saved by consumers in the U.K. “saved by exposing insurance…

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UK auto and homeowners insurance rates to rise due to increased tax

insurance rates rise

20 million consumers to be affected by increase insurance rates As many as 20 million drivers and homeowners in the United Kingdom are expected to see their insurance premiums rise by as much as 10% due to a new tax levied on insurance providers. The tax is part of an overall budget plan introduced by George Osborne. The budget plan introduces a 50% increase on the country’s insurance premium tax, which is applied to all auto insurance policies, as well as property and pet insurance coverage. Budget plan raises the…

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