Covid-19 lockdown saves motor insurers £1.3bn

New research from Safe found that claims have fallen by 69% during the lockdown period UK motor insurers have saved a total of £1.3bn as a result of reduced claims during the lockdown, according to new research from Safe. The comparison site found that claims across the UK had dropped by 69% during the lockdown imposed by the government to fight the Covid-19 outbreak, meaning that insurers have paid out £569m in claims, compared to the normal expected payout of £1.9bn. London experienced the

Briefing: Could brokers be next in-line for the Covid-19 BI scandal?

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Covid-19 uncertainty could have 'significant impact' on some insurers’ capital positions, says PRA

Despite this, the regulator said that as a whole the industry remains “robust” to the downside risks of Covid-19 The PRA’s latest stress test of the UK insurance industry has found that some insurers could be exposed to “significant” risks from the uncertainty surrounding the Covid-19 crisis. In a letter to insurance CEOs, the PRA’s executive directors responsible for insurance, Charlotte Gerken and Anna Sweeney, said that “the sector was in aggregate resilient, but the level of uncertainty is
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