The insurance profession was founded upon the principle of spreading the risk of maritime trading and as the UK government embarks upon the negotiation of post Brexit trade deals, it would seem to be an opportune time to reconsider the value of Marine and Transit insurance.
The recent storms could have caused damage costing insurers £363 million in insurance claims, according to the Association of British Insurers (ABI).
According to research firm Consumer Intelligence, Home Insurance premiums are on the rise by a national average of 2.9% over the course of the last year. The biggest increase of 4.7% applies to the South East, but this owes more to issues such as higher crime rates than the effects of storms Ciara, Dennis and Jorge.
Thatcham Research was established by the motor insurance industry in 1969 with the specific aim of containing, or reducing, the cost of motor insurance claims whilst maintaining safety standards.
The latest figures released by the Office for National Statistics (ONS) indicate that theft, or the unauthorised taking, of a motor vehicle has increased by 5% to the year ending September 2019.
A team of 20 from Franklands accepted the daunting challenge of covering a distance of 273 miles, in less than four hours, to raise much needed funds for The Derbyshire, Leicestershire and Rutland Air Ambulance Service.
The service is Franklands' adopted charity for 2020 and the 273 miles target represents the total number of hours flown in 2019.
Historically the typical business insurance programme protected a company's assets, profits and liabilities. Assets and profits would be covered for a range of traditional perils including fire, flood and theft. However, with technological development new risks are emerging and exposures are increasing.
The growing threat of a full blown coronavirus (COVID-19) pandemic serves to shine a light on the emergency planning of corporate UK. Although, at the time of writing, only 13 cases of the virus have been reported in the UK, the World Health Organization (WHO) states that there are now over 80,000 confirmed cases spread across 38 countries.
An analysis of the UK motor insurance market, by Ernst & Young, issued in November 2019, concluded that, whilst in 2017 and 2018 insurers had made the first two consecutive years of profit in the last 40 years, in 2019, many insurers failed to increase their premiums sufficiently to cover claims inflation.
A railway bridge on the A142 Stuntney Road in Ely, Cambridgeshire CB7 4DY was the most hit railway bridge in 2018/19 with a staggering 32 reported strikes. This was nine more than the second most struck bridge on the B109 Stonea Road, Stonea PE15 0DX, also in Cambridgeshire.
A Green Card is issued, by an insurer, to evidence that a motor insurance policyholder has the minimum legal cover required for driving outside the UK. The Green Card is a physical document which is printed on green paper and is not issued in an electronic format.
The cycle of risk facing corporate UK continues to evolve and the pace of this evolution is most evident in the relatively new area of Cyber Liability. The speed of this change is attributed to advances in technology and proactive criminals who are constantly searching for new ways to make money.
2019 proved to be one of the most difficult for UK buyers of Professional Indemnity Insurance (PII). Several factors, across various sectors, created a perfect storm in the market which came as a shock for any policyholder that was not pre-warned by their Insurance Broker.
Today’s increasingly complex business environment makes supply chain disruption a fundamental risk that organisations face across virtually all sectors requiring in-depth mapping of the chain and an understanding of interdependencies across primary, secondary level suppliers and beyond.
The Air Ambulance Service has flown more than 35,000 missions in the fight to save lives making it one of the busiest air ambulance organisations in the UK. Franklands chosen charity for 2019 and 2020 The Derbyshire, Leicestershire and Rutland Air Ambulance Service completed 3,933 missions in 2019 alone.
Initial estimates from the Association of British Insurers (ABI) put the cost of the recent flood damage claims in Yorkshire and the Midlands at over £100 million.
In the immediate aftermath of the flooding Insurers have already made initial emergency payments of over £1.2 million to help flooded businesses and homeowners.
Wishing you all a very Happy Christmas and a Prosperous New Year