UK motor insurers News

UK Motor Insurers to Mutualize Claims for Terrorist Attacks Using Vehicles as Weapons

UK motor insurers have voted for the Motor Insurers Bureau (MIB) to handle and pay the claims from victims involved in a terrorist event where a vehicle is used to kill or injure. MIB is the UK’s not-for-profit body which …

Edison Motor Launches on Volante’s New UK-Based MGA Platform

Volante Global Ltd., a new multi-class and multi-territory international managing general agent (MGA) platform, has announced the launch of Edison Motor and the appointment of Steven Dickie and Doug Ockwell as joint managing directors of the new operation. Edison Motor …

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 …

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, …

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 …

New British Insurance Premium Tax Hike Could Further Squeeze Insurer Margins

A tax hike on British motor and home insurance policies effective from Sunday is set to hit consumers and could trigger a fresh round of margin-squeezing price competition among general insurers. The jump in the insurance premium tax (IPT), to …

A.M. Best: UK Non-Life Insurers’ Profits Under Pressure

Profit margins in the U.K. non-life insurance sector are under pressure this year as companies fight to maintain pricing discipline in an extremely competitive market, according to a new A.M. Best special report. Premium rates are falling in personal lines …

Rising Rates Not Enough to Ease Pressure on UK Insurers

Market conditions for UK non-life insurers remain challenging as the difficult economic environment curbs demand for coverage and insurers can no longer rely on reserve releases to improve profitability, according to a report from A.M. Best Co. The report looks …