Daily Motor News – Thursday 3 October

Fewer drivers are opting out of lane departure prevention

Almost 9 out of 10 drivers of vehicles equipped with lane departure warning and prevention systems now keep them switched on, a new study from the Insurance Institute for Highway Safety shows. Seven out of 10 drivers of vehicles that give visual alerts when they exceed the speed limit also keep that feature running. Full story

High-value fraudulent claim foiled by HF, Hastings Direct

A high-value fraudulent claim against insurer Hastings Direct and legal advisers HF has been dismissed. The case stemmed from a supposed crash into a lamppost at 60 mph in August 2019, where the claimant alleged that they were a passenger in the insured vehicle. The claimant reported multiple injuries from the incident, including a serious fracture to her left forearm. Full story

Zurich to present new 3-year plan at Investor Day in November

On November 21, 2024, Zurich Insurance Group will hold an Investor Day meeting in London. The purpose of this meeting will be to present and discuss a new 3-year plan for 2025–2027, one year ahead of the conclusion of the existing cycle 2023–2025. Zurich is on track to exceed all current targets and believes that markets offer further attractive opportunities. The new plan will address how to seize them. Full story

Claims in accidents caused by uninsured vehicles up 11% last year

The number of claims in accidents caused by uninsured vehicles grew by 11% in 2023, according to figures from the Motor Insurers’ Bureau of Ireland (MIBI). The MIBI was established in 1955 to compensate victims of road accidents caused by uninsured and unidentified vehicles. Full story

E2E: A digital future for the total loss sector

Jim Loughran, chief executive at E2E Total Loss Claims Management, discusses the advantages of digitalisation in the total loss claims sector. Full story

Supporting customers in the fight against scammers

Committed to tackling and investigating insurance fraud, Ageas worked with a customer to stop “crash for cash” scam. First reported in London in 2023, “crash for cash” scams involving mopeds are now spreading to urban areas across the UK. Full story

Connected cars pose real risks

Rising use of specialised software in EVs raises important questions about privacy and safety for drivers around the world. Internet-connected intelligent cars are on the roads in many countries, with remote car access an increasingly common feature. But with convenience follows concerns over who has access to our driving data — and ultimately our cars. Full story

Electric vehicle warranty claims compared to ICE repair costs

Warranty claims for electric vehicles are 30-50% higher, on average, than for comparable internal combustion engine vehicles, new research suggests. Analysis of EV warranty claims for 2023/2024, by Warranty Solutions Group (WSG), found that the most common issues involve battery charge control modules, costing an average of £1,311 to repair. Full story

Police ‘flood’ crime-hit Warwickshire streets as dozens of vehicles checked and arrests made

Police officers ‘flooded’ crime hit streets in North Warwickshire following a rise in vehicle crime. It led to dozens of vehicles being checked and arrests made. Under the code name ‘Operation Reduce,’ marked and unmarked cars were used in the sting across parts of Coleshill and the surrounding areas. Full story

MIICF Levy to end in 2025

The insurance levy contribution to the Motor Insurers’ Insolvency Compensation Fund (MIICF) is to end from the 1 January 2025. The Motor Insurers’ Bureau of Ireland (MIBI) who manage the fund, confirmed the value of the fund is expected to exceed the €200million threshold by June 2025. Full story

Insurers team up as Chinese motor insurance market shifts into high gear

Cheche Group Inc, a Chinese auto insurance technology firm, has entered a strategic partnership with Tokio Marine & Nichido Fire Insurance Company (China) Limited (TMNCH). The collaboration is part of Cheche’s efforts to strengthen its network of partnerships within the expanding Chinese insurance market. Full story

Stolen Vehicle Recovery Market Size

The global stolen vehicle recovery market was valued at USD 7.3 billion in 2023 and is projected to grow at a CAGR of 8% between 2024 and 2032. Rising global vehicle theft incidents are driving the market growth. Full story

Unpacking AI’s role in the insurance industry

Artificial Intelligence (AI) is rapidly transforming the insurance sector, reshaping how organisations operate and deliver services. In recent years, organisations have recognised AI’s potential to improve efficiency, provide deeper insights, and revolutionise operations. Full story