Motor claims inflation has become a significant issue within the motor insurance industry, driven primarily by supply chain delays for spare parts over the past four years. Compounding these delays are rising labor costs, vehicle storage expenses, and the increased complexity associated with
The latest data on auto theft claims in Canada reveals a complex landscape of regional trends and the broader impacts on society. According to the Insurance Bureau of Canada (IBC), auto theft insurance claims have seen a noteworthy decline by 19% in the first half of 2024 compared to the same
Artificial intelligence (AI) is dramatically reshaping various industries with its far-reaching capabilities, and the insurance sector is no exception. Among the many insurance processes experiencing significant transformation, underwriting stands out as one of the most profoundly impacted.
The insurance sector in the United Kingdom and Ireland has demonstrated remarkable financial growth over the past year, as detailed in Lane Clark & Peacock's (LCP) eighth annual Solvency II review. This comprehensive study scrutinizes data from 100 of the largest non-life insurers in the region,
In a significant legal move, Cardinal Timothy Dolan of New York announced that the Archdiocese of New York has filed a lawsuit against its longstanding primary insurance company, Chubb. The lawsuit alleges that Chubb is attempting to evade its legal and moral obligations to settle claims related to
The UK property insurance market is at a crossroads, grappling with multiple challenges ranging from high inflation and supply chain disruptions to the ever-growing risks associated with climate change. It’s not an understatement to say that efficient claims management may very well hold the key to
