Advanced analytics key to growth in P/C market
Commercial insurers can catch up with personal lines providers by exploiting the rapid explosion in the number and breadth of structured and unstructured data sources and use analytics to an improvement in loss ratios of up to 5%. This is the view of analysts at the Swiss Re Institute, whose latest report "Advanced analytics: unlocking new frontiers in P&C insurance", suggests that technology advances will enable P/C insurers to explore new frontiers in risk assessment and mitigation.
Brexit Secretary signs order to end EU law in UK
The government has signed into law legislation to repeal the Act of Parliament which concreted Britain’s EU membership in 1972. The repeal of the Act confirms the pending return of lawmaking powers from Brussels to the UK, and will take effect when Britain formally leaves the bloc on 31st October 2019.
Costliest engineering and construction risks revealed
Analysis of over 13,000 engineering insurance claims over the last five years highlights seven major trends in engineering and construction projects, driving some of the largest losses ever. This is according to a new report from Allianz Global Corporate & Specialty, which shows that fire and explosions are behind the costliest losses. Meanwhile, defective product and business interruption claims are rising, as are concerns around trade disputes.
Ports resilience bolstered by £9m Brexit boost
The government has today said that an extra £9m will be made available to help ready major ports and surrounding areas for Brexit. Local government secretary, Robert Jenrick said £5m will be given to local councils which either have or are near to a major air, land or sea port and £4m will be provided to local resilience forums.
NTT Security partners with Europol
NTT Security has signed an MoU with Europol’s European Cybercrime Centre (EC3) whereby the two parties exchange strategic threat intelligence as well as information relating to cyber security trends and industry best practice.
EMC Insurance invests in Betterview
EMC Insurance has partnered with San Francisco-based Betterview through both a Series A funding investment and a commercial agreement to use the insurtech’s predictive analytics and risk management platform.
Motor claims inflation surges 8.6%
UK motor claims payout inflation surged by 8.6% in 2018, taking the average cost per claim to £4,791. Analysts in Willis Towers Watson’s Claim Metrics benchmarking unit say the sharpest rise took place in Wales and the North East at 22.4% between 2016 and 2018. The region with the highest average cost per claim (at £5,403) in 2018 was for the second year running North West England.
Claims firms warned over misleading promotions
Claims management companies must do more to ensure their promotions do not mislead potential customers the Financial Conduct Authority has said. This warning comes after the FCA has reviewed over 200 CMCs since it took over their regulation in April 2019.