ILC ARTICLE

ILC Breakfast News – Wednesday, 20 December 2023


Thank you

From all of us here at ILC, we would like to take this opportunity to thank you all for your support throughout 2023. We look forward to bringing you more great events and the latest industry insights in 2024. Our next ILC Breakfast News is scheduled for Wednesday 3 January.

In the meantime, wishing you all a Merry Christmas and Happy New Year.

ILC 2024 event schedule now available

ILC has released its 2024 event schedule highlighting the dates of its annual key events set for the coming 12 months.

Motor

Motor insurers face worst year since 2010

EY’s latest UK Motor Insurance Results predict the worst year for motor insurers since 2010, with a net combined ratio of 114.6%.

This is despite a 25% rise in premiums over the course of the year.

Autoglass partners with The Green Insurer

Autoglass is partnering with The Green Insurer to deliver a more sustainable repair solution. It will now offer vehicle glass repair, replacement and recalibration services to all of the insurer’s customers nationwide.

Range Rover unveils new insurance product

Range Rover has introduced its own comprehensive motor insurance product for customers.

Land Rover Insurance, which is available to drivers of Defender and Discovery vehicles too, has provided quotes to more than 4,000 customers since October with an average monthly premium of less than £200.

Home

Tech enabled and the policyholder

New technology is changing the face of claims, but is it making the experience better for the customer?

That was the question posed by Daren Rudd, Head of Business and Technology Consulting, UK Insurance, CGI, during his session, ‘Tech enabled and the policyholder,’ at ILC’s recent Home & Property Conference.

Inflation to keep driving up premiums

Verisk’s Q3 2023 property pricing trends report suggests that the effects of inflation on rising premiums is not going away anytime soon.

It found that insurers are still navigating difficult market conditions, with prices for property repair materials down 1.4% in the third quarter but wages up 3.6% across all trades.

Partnerships key to claims efficiency

Verisk has underlined the need for partnerships to ensure repairs to homes and commercial properties are carried out quickly during winter, when conditions can make it difficult to carry out normal operations.

In a blog which first appeared in Post Magazine, Head of Property for Verisk Claims UK and Europe Ben Blain said that if insurers and contractors want to respond efficiently to potential surges the first step is looking at their respective schedules of pricing.

Supply issues ease

The Construction Leadership Council has reported that product availability in areas which were experiencing supply issues earlier in the year have returned to pre-Covid levels.

Skills still a key issue

A new survey of 89 property and casualty insurance executives conducted by CGI has revealed that 82% said hiring IT talent has been a challenge in 2023, with AI and machine learning the priority for innovation next year. 

DAC Beachcroft considers reform ramifications

DAC Beachcroft has identified five key areas likely to form part of the Law Commission’s review of the Landlord and Tenant Act 1954.

They include purpose, contracting out, grounds for opposition, terms of renewal lease, and interim rent and rent.

Claims complexity continues to rise

Sedgwick says rising claim complexity and severity will continue to increase as a result of more extreme weather events and conditions, and advances in new technologies and materials in construction.

MGA

Brown & Brown acquires R McGee

Brown & Brown (Europe) has acquired family-run brokerage R McGee Insurance Brokers, a personal and commercial lines broker based in Maesteg, Glamorgan.

Claims Essentials

Practical steps towards compliance

Sharna Thompson, Head of Customer, UK Claims, Zurich, took delegates through the practicalities of trying to meet Consumer Duty during a presentation at ILC’s inaugural Risk and Compliance event.

Unicorn values slip

PwC’s latest Global Top 100 Unicorns report has revealed that the aggregate value of the Top 100 Unicorns fell by one percent during the year, down from $2,012bn to $2,001bn.

New ESG code of conduct unveiled

The International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG) have launched a voluntary code of conduct for Environmental, Social and Governance (ESG) ratings and data products providers.

The code focuses on promoting transparency, good governance, management of conflicts of interest, and strengthening systems and controls in the sector.

Industry News

Insurers facing a storm of payouts

Insurers expect to pay out around £560m following recent Storms Babet, Ciaran and Debi according to the Association of British Insurers (ABI).

Personalisation the key to better outcomes

New research from the ABI has found that 76% of people make better financial decisions when guidance is personalised to their own circumstances.

Only 14% were able to make good financial decisions based on generic guidance.

Collaboration critical to ABI outcomes

The ABI has released its Annual Review, reflecting the better outcomes achieved as a result of a step-change in its collaboration both within and beyond the sector.

CMA imposes £2.5m penalty following Copart deal

The Competitions and Markets Authority (CMA) has fined Copart £2.5m following its acquisition of The Green Parts Specialist.

The move comes following notice from the CMA that Copart ‘failed to comply in certain respects with the requirements imposed on it by the initial enforcement order issued by the CMA.’

People

The Chartered Insurance Institute (CII) has appointed Enas Asiri and Suresh Nair as Vice Presidents (International). Meanwhile, it is reported that HR Director Caren Thomas and Finance Director Trevor Edwards have resigned.

Zurich Insurance Group (Zurich) has announced that Claudia Cordioli will join in March as Group Chief Financial Officer (CFO) and member of the Executive Committee.

Pen Underwriting has appointed Megan Jones as Capacity Relationship Manager.

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