Cyber insurance is becoming more common

Cyber Insurance policies commissioners industry

ABI predicts that the cyber insurance market will become more common in the coming decade Cyber insurance coverage may become the new normal in 10 years’ time. The Association of British Insurers (ABI) has claimed that cyber insurance products will become significantly more common in the United Kingdom and elsewhere by 2025. In early March, a report from Marsh and the UK government showed that only 2% of large businesses in the UK have cyber coverage. This may be a costly problem for these businesses as they face significant risks…

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Flood insurance program attracts criticism in the UK

UK Flood homeowners Insurance companies Flood Re Plan

Flood Re may be three times more expensive than the benefits it offers Flood insurance is becoming a costly issue for homeowners in the United Kingdom. Flood Re, an insurance initiatives designed by the UK government and the Association of British Insurers, may be a costly burden on homeowners that want to protect their properties. According to the Committee of Climate Change, Flood Re will cost three times more than the benefits that it will provide to consumers. This could mean that many homeowners will be uninterested in purchasing flood…

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Auto insurance fraud is causing trouble in the UK

auto insurance fraud

New report shows the prevalence of insurance fraud throughout the United Kingdom The Association of British Insurers has released a report concerning auto insurance fraud in the United Kingdom. According to the organization, some 500 people lie on their insurance applications forms every day. The report shows that in 2013, 3,500 fraudulent applications were filed with insurance companies every week. These applications contained information that was inaccurate, if not outright incorrect. Applicants often left out important information that would determine the cost of their insurance coverage. Fraudulent insurance applications are…

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Insurance fraud reaches record heights

California Insurance company Fraud scam

According to the ABI, in the United Kingdom, fake claims last year topped £1.3 billion. The Association of British Insurers (ABI) has now revealed its latest figures regarding insurance fraud, which have shown that last year bogus claims exceeded £1.3 billion, breaking records from previous years. The vast majority of that total amount came from false or exaggerated claims made on auto policies. The ABI also pointed out that insurance fraud throughout the industry – not just in the auto sector – has been on the rise at a startling…

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Could Insurers Refuse Payment for Unlocked Homes?

home security cybersecurity insurance industry

If you’re leaving your home for just a few minutes, it can be tempting to not bother to lock up while you pop over to the store or collect the kids from school. However, literally anything can happen in that period, and a recent rise in the number of insecurity burglaries—thefts from unlocked homes—could eventually mean that any subsequent insurance claim becomes invalid. Stretched Resources All across the world, police forces have their resources stretched by local crime, and one unit in the UK is clearly getting tired of dealing…

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Homeowners insurance companies urge U.K. residents to buy coverage for flooding

Flood Insurance and reinsurance

Flood policies may become vital as flood alerts and warnings are issued across the country. The warnings and alerts regarding the risk of flooding across the United Kingdom has caused homeowners insurance companies to caution property owners that separate coverage for floods is required in order to protect them against rising waters from the rains that have been lashing several regions. They are being told to go over their policies and make sure that there won’t be any unwanted surprises. For those who do have flood protection added to their…

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UK Supreme Court issues ruling on controversial asbestos liability case

The United Kingdom Supreme Court has issued a ruling on a controversial case concerning asbestos in workplaces. The issue arose in 2008, when a number of people came forward to seek reparations after being diagnosed with mesothelioma, a type of lung cancer connected with inhaling asbestos and other fibrous materials. The country’s appeals courts struggled to determine whether liability lied with employers for exposing workers to dangerous conditions or if liability began when a victim started exhibiting symptoms of illness. Despite the conflict, the High Court ruled in 2008 that…

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