How can finance become a strategic partner to the business in the insurance industry? This report explores the challenges and opportunities for finance transformation, and showcases some examples of best practices and emerging technologies.
Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursement against losses from an insurance company.
The Financial Conduct Authority (FCA) raised an issue for brokers in respect of non-admitted insurers and the British Insurance Brokers Association published a guide in this to help raise awareness. Financial institutions and others are awaiting the Supreme Court hearing in the motor finance commission cases, which is scheduled to take place by 16 April 2025.
Financial insurance is a type of insurance policy commonly purchased by businesses. It offers coverage that protects against losses resulting from a contract partner's failure to meet their obligations. Additionally, it can safeguard against various other types of commercial financial losses.
The finance and insurance industry has undeniably seen a turbulent few years, yet given the underlying conditions, many are surprised at how resilient these institutions have been. With many ...
While personal lines P&C insurance premiums grew by 9.5 percent in 2022-23 to $1.1 trillion—outpacing nominal global GDP by half a percentage point 1 Global 2023 GDP and premiums were calculated assuming fixed 2022 exchange rates (to convert GDP and premiums from local currencies to US dollars) for the purposes of measuring increases in insurance relevance without any effects from exchange ...
Regarding gender, Statista revealed that 42% (around 587,000) of people working in finance and insurance as of October 2024 were women. A 2023 report by Women in Finance found that just a fifth (19%) of senior leaders were women, while ethnic minorities made up just over a tenth (11%) of these positions, dropping to 7% at the board level.
revenue to be disrupted in the UK insurance market alone. The insurance market will soon follow the innovative trends of the banking industry, one example being the dramatic changes made possible by the introduction of Open Banking. There are a number of technological advances that are catalysing disruption in the insurance industry.
The financial and insurance services sector contributed £208.2 billion to the UK economy in 2023, 8.8% of total economic output. It was the fourth largest industry in terms of economic output. The financial services sector was largest in London, where half of the sector's economic output was generated.
Millions of insurance customers use 'premium finance' to pay for their cover in monthly instalments. From a new survey of 71 insurance firms, we can reveal which providers charge nothing for the privilege of splitting the bill - and those which attach annual percentage rates (APRs) resembling what you'd pay with an expensive credit card. ...