Lloyd Fornah

The Association of British Insurers has reported that the average motor insurance premium dropped 2% from July to September this year. This is the second successive quarter that the price of premiums has fallen, with the average price now sitting at £612. The ABI’s latest data shows: - Insurers paid out £2.9 billion in motor insurance claims in Q3 2024, up 14% on the £2.5 billion paid in the same period last year. - The average claim paid remained stable from Q2 2024 to Q3 2024 at a value of £4.8k, but it was 8% higher than Q3 2023.  - Repair costs totalled £2 billion for the quarter, 26% higher than Q3 2023.  - The average claim for theft of a vehicle dropped in Q3 2024 by 7% compared to Q3 2023 to £12.2k, but theft from a vehicle increased by 17% to £3k. Read more from the ABI here: https://lnkd.in/e63JqtTM #MotorInsuranceUK #InsurancePremiums #CarInsurance

1

The surge in complaints about motor insurance products, reaching over 280,000 unhappy customers in the second half of 2023 according to FCA data analysed by Insurance DataLab, highlights the heightened focus on customer outcomes under the Consumer Duty rules. This marks a significant increase from under 240,000 complaints during the same period in 2022, making motor insurance the most complained-about business line in UK general insurance over the past five years, with over 2.5 million complaints. Insurers have paid out nearly £580 million in redress for motor complaints during this time, indicating potential regulatory action from the FCA. Insurance DataLab co-founder Matt Scott emphasised the necessity for insurers to measure, analyse, and benchmark their performance against metrics outlined in the Consumer Duty rules to avoid a reputational crisis in the industry. We've got you covered, learn more: https://lnkd.in/dF-wUUn3 #MotorInsurance #IndustryNews

7

Experts have slammed changes made to the whiplash tariff. Read more here - https://lnkd.in/eTHHVa8N #Insurance #InsuranceNews #B2B #InsuranceIndustry

1

Following a week of unrest that has seen multiple properties damaged and cars torched, the Association of British Insurers has spoken about how insurers are responding. #Riot #Protest #Insurance #InsuranceNews #B2B #InsuranceIndustry

1

Making insurance claims can be complex, but with an LV= policy, your clients can safely rely on our dedicated support throughout the whole process. Find out more about our claims service https://lnkd.in/eD3EtbNU #generalinsurance

11

📢 This Week's Editor's Pick! Aviva is making headlines after it was revealed that the insurer is among trio of insurers to win legal battle against CHO. Keoghs #UKGI #InsuranceNews #Insurance #News #InsuranceIndustry #MotorInsurance #Motor #ITexclusive #B2B #Insurer #Insurers

6

The Association of British Insurers (ABI) have published figures showing that subsidence payouts for home insurance claims have increased in the second quarter of this year, rising by 12% to £60 million, which is the highest quarterly payout figure on record. Being aware of the potential hazard means you can adapt to, and mitigate subsidence. BGS has several datasets available to help assess the susceptibility of properties and postcodes to shrink-swell subsidence and other ground instability hazards. Find out more in our summary blog: https://lnkd.in/gEGtbzJF

17

Looking for the right car insurance in the UK? This article breaks down the different types of coverage available, including comprehensive and compulsory insurance, and the factors affecting the cost: 🚘Type of Vehicle 🕑Your Driving Record 📍Location https://bit.ly/41huvHV #carinsurance #comprehensivecarinsurance #compulsoryinsurance #carinsuranceuk

2

Have you read our new blog on the contentious nature of total loss in motor claims? Handling total loss claims is often challenging for both insurers and policyholders. Disputes over vehicle valuations, tough negotiations, and the stress of finding a replacement vehicle can all lead to friction. As tensions rise, maintaining trust and transparency between insurers and customers has never been more crucial. Customers expect fair treatment, yet traditional practices are putting these relationships at risk. In our latest blog, we delve into the key challenges of total loss claims, such as accurate valuations and the need for sustainable 🌍, efficient solutions. We also touch on how e2e’s services can help counteract these issues, ensuring good relations between insurers and policyholders while streamlining the claims process. Additionally, we explore the impact of Consumer Duty regulations, which are pushing for more transparent and fair settlements - ensuring both insurers and policyholders are protected. 🔒 Want to learn how we’re reshaping the process and delivering better outcomes for everyone involved? 👉 Read the full blog - https://lnkd.in/ee8XcTCf #e2e #claims #claimsmanagement #totalloss

11

Learn more about how UnderwriteMe can help revolutionise your Claims process with our Engine for Claims! 🚀 ➡️ https://lnkd.in/ek9C4gdA Or visit our claims webpage: https://lnkd.in/ebvG7g3E #Innovation #Automation #Collaboration #Claims #Technology #Insurance Will Young

18

📰 Find out more about our latest claims fraud research*, what we're doing to protect genuine customers and how we're taking the fight to fraudsters. 👉https://lnkd.in/e66DX29D * All figures are based on Aviva’s own data for the general insurance fraud it detected in 2023. #ClaimsFraud #Claims

9

Need to make a claim? We've made it simple! ✔️Visit https://lnkd.in/eM7PFxNh ✔️Download or print the relevant claim form ✔️Complete the form thoroughly ✔️Submit your claim: -Email to [email protected] OR -Post to our head office Remember: Accurate information helps us process your claim faster! Questions about the process?  Drop a comment below or contact our friendly support team. We're here to ensure you receive the benefits you're entitled to with ease and efficiency. #AngloSaxons #ClaimProcess #MemberBenefits #HereToHelp

1

’Luxury watch insurance fraud contributes to higher premiums and has serious consequences for buyers,’ says detective chief inspector https://lnkd.in/eF66tMYv Insurance Fraud Enforcement Department #insurance #insuranceindustry #insurancenews #ukgi #insurancebroker #brokers #broker #insurers #insurer #mgas #mga #b2b 

3

George Ritchie, Senior Policy Adviser at the Association of British Insurers, was one of the knowledgeable speakers who joined our recent #webinar about the importance of an advice-led retirement. In this video, George talks about how the quality of guidance could be improved thanks to consumer duty and better communication between firms and their customers. If you didn’t have a chance to watch the live webinar last month, you can find the recording here: https://lnkd.in/e2DRRh_S #Policy #ConsumerDuty #Pensions #RetirementPlanning #FinancialServices #Superannuation #FinTech #Innovation #DigitalAdvice #Insurance #Regulation

10

Big thank you to Clyde & Co's Lizzie Whittingham and Chartered Insurance Institute for a great webinar on Claims Inflation today. Here are some key points: 🎈 Causes of Claims Inflation (Increased claims costs and expenses) 🇬🇧 Brexit - Specifically issues with supply chains 😷 COVID-19 Pandemic 💰 Cost of Living Crisis 🌐 Global Tensions and Conflicts - Increase cost of fuel & energy 🏡 The rise of Work From Home setups All of the above lead to an increase in underinsurance and in turn, this leads to further disputes 😡 which then lead to delays ⏱ in the claims process and poor outcomes for consumers. 📈 What do the stats say? - The McLarens Inflation Report shows a 20% increase to the cost of building repairs since pre-2020. - The ABI House Rebuilding Costs Index of June 2024, showed a 2.3% annual rise in material costs; specifically insulation, copper and wood. - RAC Fuel Watch showed wholesale fuel prices rose 88% form April 2020 to July 2022. - Commercial Property claims have fallen since 2020. - 🔥 Fire claims were the most common claim type pre 2020. - 💦 Escape of Water claims are now the most common claim type. Managing Risks & Claims Inflation - "Build Back Better" schemes to protect from ever increasing flood risks. - Ensure brokers are asking the right questions to policyholders at inception, in order to educate policyholders on risk management i.e. installation of CCTV, record keeping etc. - Always work on your fraud measures, to ensure minimal claims leakage due to increasingly inflated claims. #Insurance #CII #Webinar #BusinessInsurance #ClaimsInflation #Inflation #ClaimsManagement #Insurtech #InsuranceLaw #RiskManagement

28

1 Comment