Live Insurance News

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

April 18, 2018April 16, 2018 G. Turner

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.…

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

January 3, 2018January 1, 2018 Marc

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…

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

June 28, 2017June 26, 2017 Julie Campbell

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…

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

November 3, 2016November 2, 2016 Logan B.

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…

Cyber insurance policies carried by a falling number of companies

October 7, 2016October 5, 2016 Marc

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…

Auto insurance fraud suffers a blow in the United Kingdom

December 31, 2015December 29, 2015 Marc

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…

Auto insurance premiums to rise in the UK

August 13, 2015August 13, 2015 Logan B.

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…