US inflation accelerates at fastest pace in over a year on surging gas prices September 13, 2023 The consumer price index increased by 0.6 per cent last month, the largest gain since June 2022, the Labor Department said on Wednesday. The CPI had risen 0.2 per cent for two straight months.
Direct Line agrees to major review after overcharging customers £30m September 1, 2023 Direct Line has agreed to a major review of pay redress to customers today after admitting an error in the calculation of new insurance rules meant it overcharged customers by some £30m.
A Legacy of Difference Making August 24, 2023 We were basically running insurance companies,” the likable Barry Gale tells City A.M. of his career before joining Aon. Gale was at a Big Four consultancy firm, working on restructuring and insolvency. “But without the front-end, bringing in new clients.” He and his colleagues soon found out that winding up insurance firms was notably more [...]
Who’s really to blame for your car insurance getting more expensive? August 24, 2023 Ask anyone who has renewed their car insurance this year and they will tell you it has gone through the roof. But who, or what, is to blame for the surge in prices?
Aviva’s UK unit testing AI for ‘quicker solutions’ August 21, 2023 The head of Aviva’s UK unit has revealed that the insurance giant is experimenting with artificial intelligence across its business. Adam Winslow, CEO of Aviva UK & Ireland General Insurance, told the Insurance Post that virtual assistants and chatbots were the “obvious next step” for offering customers “quicker solutions to whatever their query is”. “There [...]
Admiral: Insurance giant hikes prices by 20 per cent to stave off inflation hit August 16, 2023 Insurance group Admiral ramped up its prices by 20 per cent in the first half of the year to stave off the worst impact of rampant inflation on its profits margins. In its half year results today, the London-listed motor insurance specialist posted a four per cent bump in profits in the six months to [...]
Car insurance premiums hit highest levels since records began August 11, 2023 Motor insurance premiums have soared to their highest levels since records began, according to research from the Association of British Insurers (ABI). Over the last year, the average price paid for car insurance rose 21 per cent to £511, the highest since the ABI began collecting data in 2012. The ABI said that “sustained cost [...]
US inflation rises slightly. Will the Fed hike rates again? August 10, 2023 Inflation rose to 3.2 per cent in the year to July, according to official statistics out today, up from 3.0 per cent last month.
How Data Changed the Game for Aon’s Brokers August 10, 2023 Despite playing a very important role at the heart of London’s reinsurance market, James Milne, AON’s UK and Ireland head, tells City A.M. that he doesn’t often hear about insurance around the dinner party table. But when he does, it’s usually the cost of car insurance, which has gone up significantly over recent months as [...]
UK car insurance costs jump 40 per cent hitting all-time high July 19, 2023 The cost of car insurance has risen to an “all-time high” with motorists shelling out a record 40 per cent more for insurance premiums than last year, new data reveals. On average, UK drivers are now paying £776 to insure their cars, up from £222 one year ago, according to Confused.com and Willis Tower Watson’s [...]