The FSCS has revealed its compensation payments hit £423m in 2023/2024 , and £160m of that was paid out to customers of the 51 firms it declared default in that period. Lloyd’s are celebrating an upgrade from AM Best who has revised the marketplace’s rating to A+. 5% of EMEA insurance firms currently have no investment in GenAI according to tech research firm ISG.
FSCS publishes its 2023/24 Annual Report and Class Statements (Source: FSCS)
According to its annual report, the FSCS paid out £423m in compensation to customers during 2023/2024, £160m of that for customers of failed firms.
AM Best upgrades Lloyd’s credit ratings to ‘A+’ (Source: Captive Insurance Times)
Lloyd’s financial strength has been graded superior due to its “balance sheet strength…strong operating performance, very favourable business profile, and appropriate enterprise risk management”.
Generative AI in insurance isn’t working (Source: Insurance Journal)
According to ISG’s Pulse Check – State of the European Insurance Industry 2024, insurance firms are not taking advantage of the benefits of generative AI, with “potential improvements in claims handling efficiency ranging between 40 and 60 percent”.
PODCAST: Policy in Wonderland; Unlock the future of MGAs with Tim Quayle, CEO of OneAdvent (OneAdvent)
OneAdvent CEO, Tim Quayle, joins Evyatar “Evy” Amira on his Policy in Wonderland podcast exploring how MGAs can manage execution risk, the impact of AI on underwriting processes and, of course, OneAdvent’s role in accelerating speed-to-market.
Request a call back.
Let’s get the conversation started today.
Sign an NDA.
Take the first step in the next stage of your MGA business.
