Household – Page 19
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NewsFCA extends pricing remedy implementation until end of 2021
The regulator has confirmed the amended timetable to ensure firms can ‘plan their change programmes effectively’, however the CII believes ‘this may not be enough time for firms to get all practices in place’
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NewsJohn Lewis unveils flexible home insurance via Munich Re partnership
The offering is designed to reflect changes to customers’ lifestyles since the Covid-19 pandemic
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News AnalysisCovid-19 pandemic exacerbates fine art insurance’s hard market conditions
The art sector is heavily reliant on social contact, so the uncertainty of the coronavirus lockdowns have created added risks and challenges from pushing sales online
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FeaturesBriefing: FCA could be setting sector up to fail with four-month pricing implementation period
The FCA took its time crafting the foundations of its general insurance pricing review, however it expects insurance businesses to turn around rule changes on the double – surely it’s in nobody’s interest to rush such a pivotal market change?
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News AnalysisFlood deal spotlights the need for a proactive approach
Swiss Re’s latest flood partnership gives visibility to the fact that data is becoming increasingly vital in the proactive management of flood risks
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NewsAverage home insurance premiums drop 1.2% despite accidental claims uptick
But London remains the most expensive region for home insurance
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NewsFour-month implementation period for FCA’s price walking remedies is a ‘joke’ – ABI
Despite potential implementation challenges, the trade association’s director general is ‘very hopeful’ that the proposed ‘road map’ with the FCA will solve the loyalty penalty ‘once and for all’
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News AnalysisL&G acquisition offers ‘really good opportunities for future growth’ says LV=GI boss
Plus, the FCA’s proposed changes around pricing will mark ‘a significant change event’ for personal lines insurers says LV=GI chief executive
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NewsMotor insurance premiums predicted to fall by up to 10% in 2021 – PWC
Home insurance premiums are also expected to decrease by 4% to 8%, says the professional services firm
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NewsAccidental damage accounts for 48% of all new claims – LV= General Insurance
The insurer links this claim trend to the increase in home working and schooling, with drinks being spilled on technology such as laptops
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NewsBuilding Safety Register reveals new manifesto
The Building Safety Register’s co-founder hopes the manifesto will provoke wider discussion over the implications of building safety for the insurance market, as well as highlight risk management measures
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News AnalysisAmazon’s Ring incidences expose cyber insurance inconsistencies and new IoT risks
Insurance Times explores the emerging risks from Internet of Things’ devices, as well as how it could be an opportunity for brokers and insurers
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News AnalysisLockdown mitigates claims impact of Beast from the East II
Policyholders staying at home during lockdown are better able to combat potential escape of water claims resulting from the recent snowfall, but commercial clients may still be at risk following lockdown-induced business closures
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NewsHome insurers will benefit from pandemic claims trends in 2021 – Fitch Ratings
However, credit rating agency director believes ‘the pricing environment in the household sector’ will ‘remain weak’
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NewsGovernment launches consultation to amend Flood Re scheme
Under the proposals, claims payouts will include additional funds to help policyholders ‘build back better’ following flood damage
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NewsFCA fair pricing report will ‘reduce profitability’ for insurers – Fitch Ratings
Furthermore, the home insurance market will be more affected than motor insurance as around ‘80% of premiums comes from renewal business’
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NewsHousehold winter claims could top £3bn as extreme weather events rise – Policy Expert
The home insurer and insurtech is warning policyholders to make sure they have adequate insurance
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NewsTesco Bank to underwrite its motor and home insurance book in-house
All policies currently underwritten by a panel partner will continue without change until the customer renews
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NewsFloodFlash pays Storm Christoph catastrophe claim in 9 hours 44 minutes
It means that policyholders can be paid their claim on the same day
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NewsZurich warns of ‘double disaster’ as Storm Christoph batters England and Wales amid pandemic
Storm Christoph has raged through England and Wales, adding further strain on the UK as it battles the ongoing coronavirus pandemic. Some insurance industry experts, however, have stepped in to offer support, advice and a solution
