Motor
Review of the Year 2023: Direct Commercial’s Adam Marsh
Adam Marsh, head of agency and development at Direct Commercial reflects on asking ChatGPT why commercial motor insurance should use AI and why good service is frequently over-promised and under-delivered.
FOS motor insurance complaints soar again to new five-year high
The Financial Ombudsman Service received 4,036 complaints about car and motorcycle insurance between July and September driven by disputes over vehicle valuation, customer service issues, and delays in claim settlements.
Former RSA employee who stole and sold customer details jailed
An ex-RSA employee has been jailed for stealing customer details and selling them to claims management companies.
EY predicts worst UK motor performance since 2010 with industry NCR of 114.6%
EY has revised its prediction for the UK motor insurance market and now expects this year will be the worst since 2010 with a net combined ratio of 114.6%.
Abacai to pull out of broker business with CCG book transfer
Abacai is to pull out of brokered business in 2024 transferring the panel book of subsidiary Complete Cover Group to UDrive, Insurance Age can reveal.
The Green Insurer launches on CDL’s Strata
The Green Insurer has opened for business claiming to be the UK’s first truly green car insurance broker.
RSA sells home and pet books to Admiral and confirms UK PL withdrawal
Intact Financial Corporation has reached an agreement to sell RSA’s UK direct personal lines operations, representing approximately £165m of annual premiums, to Admiral Group.
Ripe adds motorhomes and campervans to portfolio
Insurtech broker Ripe has expanded its product portfolio with the launch of motorhomes and campervans insurance.
Flock to push on broker relationships with NIG fleet partnership
Insurtech Flock has partnered with NIG on fleet insurance in a move that will also involve opening up more broker relationships, according to Ed Leon Klinger, CEO of the managing general agent.
Bspoke signs up to buy Police & Forces Mutual personal lines books from Royal London
Bspoke Insurance Group has struck a deal to buy the personal lines elements of the Police & Forces Mutual businesses – Police Mutual Healthcare and Police Mutual General Insurance – from The Royal London Mutual Insurance Society.
Aviva uncovered £120m of fraudulent claims in 2022
Aviva has revealed that it uncovered more than 9,250 instances of fraud in 2022 – saving customers £120m.
Direct Commercial launches broker portal for commercial motor market
Direct Commercial has launched its portal giving brokers more functionality and accessibility to the MGA’s services.
Ex-broker among 10 arrested in police crackdown on commercial insurance fraud
Ten people have been arrested across the country, and 18 vehicles seized during a two-week police operation to tackle commercial insurance fraud.
MCE has £9.1m surplus to pay creditors, according to former CEO
One of the two shareholders and former CEO of failed specialist motorcycle broker MCE, Julian Edwards, has informed the administrators that he understands there to be a surplus of £9.1m that could be used to pay creditors.
Primary sells Policy Expert to Abu Dhabi Investment Authority
The Abu Dhabi Investment Authority has acquired a majority stake in insurtech Policy Expert from Primary Group, Insurance Age can reveal.
Markerstudy prioritising certain business lines but denies capacity squeeze
Markerstudy has admitted prioritising certain business lines over others in the present hard market, as it denied experiencing a “capacity squeeze”.
ABI calls for IPT cut as motor insurance prices hit record high
The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.
EY forecasts 8.5% premium income growth for UK insurers in 2023
UK insurers are expected to end this year reporting strong overall premium income growth ahead of further, but slowing, expansion in 2024 and 2025, according to EY.
NBJ rebrands as Verlingue London Markets and adds senior quartet to team
Verlingue has relaunched its Lloyd’s and London market arm after rebranding NBJ London Markets and announcing several senior hires.
My Insurance Downtime: ThingCo CIO and co-founder Jonathon Valentine
ThingCo CIO Jonathon Valentine gives a glimpse into his life outside insurance. Everyone deserves a bit of downtime, which is where this new Insurance Age feature comes in as we focus on what you do in your spare time.
Howden Scotland adds Glasgow-based broker
Howden Scotland, formerly known as Bruce Stevenson, has acquired Glasgow-based Neilson Laurence & Neil.
Ex-Hastings boss Utley on Percayso investment and the state of UK motor market
Neil Utley’s investment in data intelligence provider Percayso Inform was spurred on by an understanding that the insurtech would have made his job a lot easier had it existed when he was chair of Hastings Direct.
First fall in years as UK commercial pricing slips 1% in Q3
Pricing in the UK commercial insurance market fell by 1% in the third quarter of 2023, ending years of market hardening, research by Marsh has revealed.
EY: 2022 was worst year on record for UK home insurer profitability
The UK home insurance market faced the worst performing year on record in 2022 with a loss-making net combined ratio of 122%, according to EY’s annual UK Home Results Analysis.