motor insurance News

UK to Alter ‘Ogden Rate’ Used to Calculate Personal Injury Payments

Britain plans to alter the rate used to calculate upfront personal injury payments, the Ministry of Justice said on Thursday, a move which will reduce those payments and insurance premiums. Motor insurers’ profits were dented and insurance premiums have risen …

Reinsurers Invest in Fintech Startups to Diversify and Grow in Soft Market

When Micah Carr-Hill wanted to insure Chief, the Labrador that helps with his son’s autism therapy, he found an ally in Munich Re, the world’s biggest reinsurer. The German company had just teamed up with a U.K. internet startup to …

UK Insurer Ageas Uses Artificial Intelligence to Manage Motor Claims

UK insurer Ageas has begun to use artificial intelligence (AI) technology to help manage its motor claims in partnership with AI specialist Tractable. In what it describes as “a first” for the UK market, Ageas said the technology is now …

Parents Urged Not to Lie About Installation of Telematics Boxes in Cars

Insure The Box, the London-based black box car insurance provider, has urged parents to think twice about lying to their children about having a telematics box installed in their cars. Insure The Box was responding to recent on-air radio “confessions” …

UK Car Premiums Rise by 16% to $949 with More Pain Ahead: Willis Towers Watson, Confused.com

U.K. car insurance premiums rose 1.8 percent in the first quarter of 2017, with motorists now paying an average of £781 ($949), which is £110 ($134), or 16 percent, higher than average premiums paid in the same period last year, …

Self-Driving Cars to Transform Motor Insurance in Liability Shift: Fitch

Widespread use of autonomous vehicles will completely transform the motor insurance sector over the long term when liability begins to shift towards manufacturers and traditional risk pools shrink, according to a report published by Fitch Ratings. “The question of who …

UK Insurers’ Reserve Strengthening Likely After Personal Injury Discount Rate Change: A.M. Best

The earnings of U.K. insurers likely will be hit by reserve strengthening following the U.K. government’s announcement of a dramatic cut to the discount rate used to calculate lump-sum personal injury compensation, according to A.M. Best. Motor insurers and reinsurers …

UK Motor Insurance Premiums Reach Record Levels in Q4 2016: ABI

UK motor insurance premiums hit their highest recorded levels in the fourth quarter of 2016 and rose more than five times the rate of inflation in 2016, as tax increases, increased repair costs and the rising costs of whiplash-style injury …

Telematics-Based Car Policies in UK Exceed 750,000 for 1st Time in 2016

The number of live telematics policies in the UK exceeded three quarters of a million for the first time in 2016, according to annual research from the British Insurance Brokers’ Association (BIBA). The BIBA survey includes information from the leading …

Telematics Data Provides ‘Compelling’ Defense Evidence in UK Liability Trial

Telematics data was successfully used to defend a driver in a liability trial in England, according to Insure The Box Ltd., a telematics-based car insurer. The strength of the telematics data prove the policyholder’s case, in contrast to the third …