Talk is growing of a return to cash flow underwriting. Popular in the 1980s and 1990s, this is when insurers underwrote unprofitably, but were covered by strong returns. This article highlights some concerns about why insurance could be heading for the ultimate race to the bottom.
The ability to engage, assess, advise on risk and price accurately is vital in today’s commercial insurance market. Based on the results of a recent Commercial Insurance Risk Survey, this content highlights how insurers and brokers can create a smoother journey for onboarding commercial clients.
On 1 April 2013, insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age has canvassed opinion throughout the market to find out views on how the first decade has gone.
Brokers are faced with a dilemma as interest rates rise. The Financial Conduct Authority’s demand for them to offer ‘fair value’ products is at the forefront of their minds when they decide how to deal with the customer. Read this article to find out more.
Multi-occupancy building insurance: Feedback to the September 2022 report and consultation on handbook changes
In its September 2022 report, the FCA identified issues within the multi-occupancy building insurance market which are leading to poor outcomes for leaseholders. Based on feedback to that report, this consultation paper provides information on the FCA’s proposed rule changes.
Read the findings of the FCA’s multi-occupancy buildings insurance broker remuneration review, its conclusions and next steps. One of the findings in the broker market was evidence of some high commission rates and poor practices which were not consistent with driving fair value to the customer.
Since 1994, the Claims and Underwriting Exchange (CUE) has helped insurers verify an individual’s household, motor or personal injury claims history. This content sheds light on how insurers can maximise the power of CUE to help combat fraud.
Following the Grenfell tragedy, the cost of buildings insurance to residential leaseholders and other property owners of multi-occupancy buildings has increased. This report examines the causes of those increases and sets out a range of recommendations and potential remedies to address the issues.
As the cost-of-living crisis takes its toll on consumers, Covéa’s Vicki Heslop discusses why the insurance industry must be able to signpost how it can help before a crisis point is reached.
The payment process in insurance has been a point of friction for customers throughout their digital journeys. With the shift towards a customer-centric future, this article focuses on what steps insurers can take to enhance the digital payment journey for policyholders.