Headlines that shook insurance in 2023

Insurance has moved from parchment, to paper, to PDFs in the last few hundred years and Blueprint Two will hopefully help the sector transition towards frictionless processing, according to Rob Myers, operations director of the Lloyd’s Market Association. Hosted on Acast. See acast.com/privacy for more information.

Martin Swann, MD at Jensten Insurance Brokers, said health warnings around use of AI are likely to appear in cyber insurance policy wordings sooner rather than later. Hosted on Acast. See acast.com/privacy for more information.

Post Podcast: 2024 will be a corrective year for motor insurers as they move back towards profitability, industry experts have predicted.  Hosted on Acast. See acast.com/privacy for more information.

Ahead of the Cheltenham Festival, equine insurers explore how the sector helped horse owners when racing returned after the Covid-19 lockdown caused meetings to be cancelled. Hosted on Acast. See acast.com/privacy for more information.

How insurers are supporting the switch from fossil fuels, providing cover for older windfarms and helping develop greener forms of energy is the subject of the latest podcast. Hosted on Acast. See acast.com/privacy for more information.

Insurance is now having to compete with a whole new breed of companies like Deliveroo for fresh talent, according to Grant Clemence, chair of the QBE Foundation. Hosted on Acast. See acast.com/privacy for more information.

As luxury goods prices are up 32% since 2019, the greatest Valentine’s gift brokers could give high-net-worth clients this year is to review their insurance needs. Hosted on Acast. See acast.com/privacy for more information.

Insurers should brace themselves for the FCA kicking the tires of how well providers and brokers are adhering to Consumer Duty requirements in 2024. Hosted on Acast. See acast.com/privacy for more information.

The news and views that shaped insurance in 2023, plus what can you expect from Insurance Post in 2024, are all revealed in our final video podcast of the year. Hosted on Acast. See acast.com/privacy for more information.

​In the latest Insurance Post Podcast, Vesanto said 6% of properties in Great Britain are at risk of subsidence, but that is going to increase to about 20% by 2080.Moving forward, he said it was vital that insurers understand the risk of a property, rather than at a postcode, level to grasp how to respond to the greater risk of subsidence caused by climate change.Vesanto said: “Last year, we had over £200m of subsidence losses off the back of the hottest year on record in the UK. We don’t have to look far to see what might be in the future. If you walk across the pond, in France, that same kind of heatwave caused over £2.5bn of subsidence losses.“Understanding these risks is something insurers can do with precision underwriting. They need to start preparing for this today.”Resilient property stockFellow podcast guest Laura Evans, chief actuary of Flood Re, said her organisation is working with policymakers on considerations for planning and permissions to ensure the property stock in the UK is resilient to climate change in the future.As the 2023 United Nations Climate Change Conference – more commonly referred to as COP28 – kicks off in Expo City, Dubai, on 30 November, Glyn Brookes-Humphrey, director of regional operations at Woodgate & Clark, agreed that insurers are finally collaborating to make properties more resilient to flooding and subsidence to keep claims costs as low as possible.Affordable adequate coverThe trio also examine how the industry is working together to make sure adequate cover is affordably available for the increased risk to property and livelihoods.As well as being able to listen to the podcast by clicking on the player above, you can also download and keep this episode of the Insurance Post Podcast to listen to anytime, anywhere you want to.To download the episode, go to your podcast provider of choice (Apple, Google, Samsung, Spotify, Audible, etc) and search for Insurance Post. Hosted on Acast. See acast.com/privacy for more information.