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ABI announces new motor insurance initiative
- 27/02/2024
- Posted by: Alan Feldberg
- Category: News
The ABI has unveiled a series of steps the industry is taking to combat the rising costs of motor cover. In collaboration with its Consumer Advisory Group, it will commission research into various social policies focused on helping low-income households manage their insurance costs. It has also published a [...] -
Motor insurance prices continue sharp rise
- 05/02/2024
- Posted by: Alan Feldberg
- Category: News
Motor insurance prices jumped another 12% in the fourth quarter of last year, meaning premiums rose by more than 25% over the whole year. According to figures released by the Association of British Insurers, average polices in the last three months of 2023 were £627. This is 12% higher than the £526 recorded in [...] -
ABI updates board
- 08/12/2023
- Posted by: Alan Feldberg
- Category: News
The Association of British Insurers has announced that Amanda Blanc, group CEO, Aviva, Clive Bolton, CEO, M&G Life Insurance, and Tara Foley, CEO, Axa UK & Ireland, have joined the board. The board provides the strategic direction to the Association’s work, chaired by Baroness Nicky Morgan. The [...] -
Motor insurance up nearly a third
- 08/11/2023
- Posted by: Alan Feldberg
- Category: News
Motor insurance increased to an average price of £561 in the third quarter of the year, according to data from the Association of British Insurers. This is 29% higher than the same period last year and nine per cent up on the second quarter of the year. Increases were attributed to a 16% rise in the cost of [...] -
ABI unveils cyber security tool for SMEs
- 27/09/2023
- Posted by: Alan Feldberg
- Category: News
The Association of British Insurers (ABI) has launched a free interactive tool to help SMEs assess their cyber security and plug any gaps. The Cyber Safety Tool asks a small number of questions to the business owner in order to assess potential cyber security weaknesses and produces a bespoke set of recommendations [...] -
Motor insurance payouts up a third
- 07/09/2023
- Posted by: Alan Feldberg
- Category: News
Motor insurers paid out £2.5bn in claims in the second quarter of this year, according to the Association of British Insurers. This represents a 29% increase on the £2bn paid out in the same quarter last year. A 46% rise in vehicle repairs to £1.5bn drove the increase, while the cost of providing replacement [...] -
Motor still dominates fraudulent claims
- 23/08/2023
- Posted by: Alan Feldberg
- Category: News
New figures have revealed that motor insurance accounted for the majority of fraudulent claims uncovered last year. According to the Association of British Insurers, 72,600 fraudulent claims were detected last year, representing a fall of 19%. But 42,500 of these (59%) were motor claims. Meanwhile, the number of [...] -
Premiums soar to record high
- 11/08/2023
- Posted by: Alan Feldberg
- Category: News
The Association of British Insurers has reported that average comprehensive motor premiums have risen to record highs. Its premium tracker analysis 28 million motor insurance policies in the UK and found that the average premium paid for private comprehensive motor insurance was now up £511. This is up seven per [...] -
More customers consider insurance fraud
- 07/07/2023
- Posted by: Alan Feldberg
- Category: News
New YouGov findings published by the Insurance Fraud Bureau (IFB) suggest a growing number of young adults could turn to insurance fraud as the cost-of-living crisis deepens. As many as one in four young adults now say they would ‘likely’ consider an act of insurance fraud if they were struggling financially. [...] -
ACSO questions mixed injury appeal
- 16/06/2023
- Posted by: Alan Feldberg
- Category: News
The Association of Consumer Support Organisations has questioned the decision to allow the Association of British Insurers to appeal a landmark decision about compensation in mixed injury payouts. The decision found that motor claimants should be compensated separately for whiplash and different injuries claimed [...]