Tag: uk insurance

Life insurance controversy sparked in the United Kingdom

S.Vagus
Life Insurance medical exam

Financial Conduct Authority criticized for breaking its own rules The Financial Conduct Authority, a financial regulatory body in the United Kingdom, may have mishandled its review of the life insurance industry last year, according to a report from a committee of members of the British Parliament. The report is the latest development in ongoing controversy regarding the Financial Conduct Authority’s plans to review the life insurance sector. This review has had a significant impact on the sector, with the regulatory body wiping some $4 billion off the value of insurance…

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Cyber insurance is gaining attention in the UK

S.Vagus
UK cyber Insurance industry News united kingdom

UK government to launch initiatives to promote cyber insurance coverage Cyber insurance is kicking off in the United Kingdom. The government has announced several join initiatives that are designed to improve the stability and availability of cyber insurance in the country. The UK Cabinet Office and Marsh, a prominent insurance company, have partnered to launch these initiatives in order to protect companies from cyber attacks. Recently, the two organizations published a report that shows that the majority of British firms lack the appropriate level of cyber protection. Report shows that…

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UK homeowners insurance market may see its profitability streak end in 2015

Nordstrom
UK Flood homeowners insurance program

Natural disasters are taking a heavy toll on homeowners insurance companies in the United Kingdom The cost of homeowners insurance may be falling in the United Kingdom, and this could be bad news for insurance companies. Insurers in the UK have been profitable since 2007, but increasingly frequent natural disasters, particularly floods, are beginning to place insurance companies under significant financial pressure. In 2007, floods alone cost the insurance industry more than $1.5 billion in losses. By next year, the costs that insurance companies see are expected to surpass the…

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Auto insurance rates are on the rise in the UK

Marc
auto insurance car future

Insurance rates are growing in the United Kingdom, and there may be no end in sight Auto insurance rates in the United Kingdom has grown for the first time in two years, and they may continue to rise in the coming years. According to AA Insurance, rates throughout the country are on the rise due to numerous factors. Changes in the national market, new trends emerging among drivers, and other factors can influence the cost of auto insurance. The losses that insurance companies see from natural disasters and other market…

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UK flood insurance could cost insurers at least £500 billion

G. Turner
UK Flood Insurance

This expense could rapidly double if the disastrous weather conditions keep up in the country. The latest data from a Deloitte LLP partner is showing that the storms and flooding that are pounding on the country – one after the next – could cost the home, auto, and UK flood insurance industry a minimum of £500 million. That is only considered to be a starting point as the cost could end up being much higher. This amount, which is about $822 million, could double, according to the partner, James Rakow,…

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