Association of British Insurers (ABI)
Biba welcomes FCA tower blocks insurance report and flags commission rate fall
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s report on insurance for multi-occupancy buildings and broadly supported the key recommendations but warned of "unintended consequences".
ABI commits to working “at pace” on pool sharing risk solution after FCA flats insurance report
The Association of British Insurers has responded to the Financial Conduct Authority’s report on insurance for multi-occupancy buildings in which the regulator called for a cross industry pool.
FCA recommends Biba works on risk pool “to limit commission costs” in flats insurance report
The Financial Conduct Authority has warned of “significant concern” over some broker commissions in the multi-occupancy buildings insurance market and taken aim at a lack of transparency by the insurance sector in its dealings with leaseholders as well…
Biba encourages brokers to use its flood directory
The British Insurance Brokers’ Association has encouraged brokers to use its flood directory to ensure eligible households that are denied flood cover can still be offered it.
Flood Re posts 18% policy growth
Flood Re has reported covering 256,634 policies in the year ended 31 March 2022, up 17.7% on the previous 12 months.
ABI lays out five climate change demands of government to take “handbrake off”
The Association of British Insurers has called on to government to do more to enable the insurance and long-term savings sector to maximise the vital role it has to play in tackling the climate change challenge.
Analysis: Sexism, seniority and insurance
As Amanda Blanc reveals the “misogynistic scars” she has suffered, and says that sexism got worse as she took more senior roles, Insurance Age investigates gender discrimination in insurance
Home insurance prices fall to record lows, says ABI
The average price paid in the UK for buildings insurance in the first quarter of the year dropped by 7% compared to Q1 2021 with contents insurance down 11%, according to the latest Household Insurance Premium Tracker from the Association of British…
Biba joins GAIN as founding member
The British Insurance Brokers’ Association has joined the Group for Autism, Insurance and Diversity as its most recent founding member.
ABI puts February storm payouts at £500m
The Association of British Insurers has updated that insurers are facing a £497m bill from storms Dudley, Eunice and Franklin which battered the UK in February.
Experts respond to “disturbing” motor insurance ethnicity penalty report
Insurers face challenging questions but the Association of British Insurers insists “insurers never use ethnicity as a factor” to price cover.
Insurance sector welcomes changes to Online Safety Bill
The Department for Culture, Media & Sport announced yesterday that the Bill has been adapted to include paid-for scam adverts on platforms like Facebook, Twitter and Instagram.
Industry pulls together to mitigate flood risk
The British Insurance Brokers’ Association, the Association of British Insurers, and Flood Re have launched a Flood Insurance Directory to help customers access flood cover.
ABI pledges to double apprenticeships by 2025
The organisation has committed to offering 2,500 apprenticeships over the next three years and increasing inclusivity across the sector.
HMRC flags potential code of conduct for brokers in IPT consultation update
Government outlines the next steps and details responses from industry stakeholders, including brokers, insurers and trade bodies.
Regulatory framework review draws mixed reactions from trade bodies
Mixed responses from trade bodies as the government sets out proposals for adapting the UK regulatory framework for financial services post-Brexit.
ABI names director general
Hannah Gurga will replace Huw Evans in 2022 as former MP Nicky Morgan is revealed as independent chair.
Insurance trade associations create fair value template
In an attempt to help firms better prepare for the Financial Conduct Authority's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
Biba hopes "win-win" flood directory will help improve industry reputation
Executive director Graeme Trudgill says signposting service is a chance for the industry to come together and urges brokers to get involved.
Biba, ABI and Flood Re open registration for flood directory
The directory is set to launch later this year and the organisations are now calling for specialist brokers and providers to register to be part of the service.
Fraudulent claim value goes up but detection rates also increase
ABI data shows the average fraudulent insurance claim has now reached £12,000 as the the body praises the efforts made by insurers’ fraud investigation teams throughout the pandemic.
Agreement to speed up claims in pandemic expires
The ABI and ASCO have agreed to set aside the statement of intent develop to speed up claims resolution in the wake of the pandemic.
Pandemic pushes SMEs to rely on credit to fund business insurance
Three out of four SME bosses who use credit to pay for insurance premiums have said that the impact of COVID-19 is the main reason for increased borrowing, Premium Credit finds.
Industry warned of "bumpy ride" ahead after FCA confirms dual pricing ban
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.