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

Motor market performance: Gibraltar v UK

Gibraltar continues to play a large part in the UK insurance market, benefiting from a historically low expense base and an open regulator that provides unparalleled access to decision-makers Gibraltar is a big player in the UK motor market, with Gibraltarian insurers writing £1.2bn in net earned motor premiums, according to calculations by Insurance Times from the most recent set of Solvency and Financial Condition Reports (SFCRs), with 92% of that coming from the UK. Big motor players such a

UK's top performing insurers revealed

Can Aviva hold onto it’s crown from last year? Find out which insurer was the most profitable in its half-year performance figures Admiral has resumed its place as the flagship of the UK insurance fleet. Analysis of the first half-year performances of Britain’s leading insurers shows that Admiral produced the best underwriting results, closely followed by Aviva, with Allianz in third place. Admiral’s return to the top comes after last year, when Aviva had knocked it off top spot. Recently re

M&A set to reshape broking landscape

GRP is leading the way on a number of deals, while Ardonagh dominates on cash value The consolidators have returned to the acquisitions trail in earnest over the last year with a whole raft of deals making the headlines as acquisitive growth seems to be firmly on the agenda of the biggest deal makers in UK broking. Peter Cullum’s GRP has been the busiest broker in the M&A market, with the broking group completing no fewer than 19 broker acquisitions since the beginning of 2015, according to an

Whiplash reforms delay a "sensible decision" – DWF

DWF’s Nigel Teasdale says the delay will allow time for the new system to be properly tested before implementation The government’s announcement on Monday that the incoming whiplash reforms would be delayed by a further year until April 2020 drew criticism from insurers, but defendant law firm DWF has defended the move, saying it will provide more time to ensure the changes are properly introduced. “[While the delay] is something we had been expecting for some time, it would appear to be a sen

How Direct Line has grabbed pole position in the motor market

Exclusive analysis of the regulatory returns of the UK’s leading motor insurers reveals the strategy that has put Direct Line Group ahead of its rivals Insurance Times’ analysis of the latest set of Statement of Financial Condition Reports from eight of the leading motor insurers in the UK has revealed Direct Line Group (DLG) as the standout performer. DLG reported a combined operating ratio (COR) for motor of 95.2% for 2017, more than nine percentage points better than the loss-making 104.4%

Motor market returns to profit with best COR since the 90s

The UK motor insurance market has returned to underwriting profit, recording its best combined operating ratio (COR) since 1994, according to the EY Annual UK Motor Insurance Results. The aggregate COR for 2017 was reported as 96.8% for 2017, a 12.6 percentage point improvement on the loss-making 109.4% COR reported in 2016. EY said 2017’s strong result was driven by premium increases, a fall in injury claims, and a readjustment of reserves for large claims due to the improved outlook for the

Whiplash claims fall as Parliament debates claimant curbs

Whiplash claims have fallen two years in a row. Meanwhile the government is pushing through new legislation to curb claims Whiplash claims are falling, just as Parliament debates measures to curb the epidemic of soft tissue damage claims that are blamed for pushing up motor premiums. The number of motor insurance claims passing through the Ministry of Justice (MoJ) RTA portal for low value personal injury claims has fallen by more than 12% over the last year, with the portal receiving 699,429
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