Weekly News Roundup – 2nd December

The FCA has issued a stark warning to insurers regarding the undervaluation of customers’ insured items, as they continue to drive their strategy of delivering “good outcomes for consumers”. Businesses have been told to offer fair market value for items that are being claimed for and will be expected to take the recent inflation rise into consideration too. ESG continues to demonstrate its importance in a recent study, which indicates a correlation between higher ESG ratings and lower loss ratios. The CEO of Fidelis commented that this was a clear indication of ESG’s profitability in the long run.

7 key insurance distribution trends in 2023 (Source: Reuters)
This latest report explores the emerging industry trends, looking in depth at why M&A is accelerating and what insurance ecosystems will look like in the future.

Insurance providers warned not to undervalue cars or other insured items when settling claims (Source: FCA)
In light of the cost of living crisis gripping the UK, the regulator has advised insurance providers to ensure customers are offered fair market prices when making claims, or face the consequences.

Largest study to date confirms correlation between higher ESG ratings and lower loss ratios (Source:Howden)
A study, from insurance broker Howden and insurer Fidelis, examining the loss ratios of 30,000 policies has indicated higher ESG ratings lead to better underwriting performance.

What’s driving changes in insurance distribution? (Source: Insurance Business Magazine)
Insight from CFC’s Pat Brice demonstrates how the digital insurance landscape has changed distribution and affected the broker market.

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