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Your search for Annual General Insurance Overview Statistics 2014 resulted in 13 hits
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Good practice guidance: Continuation of buildings insurance cover while a property is undergoing repairs
This ABI good practice guidance sets out an approach to provide reassurance to customers that their existing insurer will use their best endeavours to offer to maintain cover until the repairs on their property are completed. All decisions on pricing, terms or conditions remain at the discretion of individual insurers.
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Flood insurance directory
The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have worked together to help householders who are struggling to obtain flood cover access the insurance they need.
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Accessing flood insurance
How to access insurance if you live in a flood-prone area
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Assessing your flood risk
Accurately assessing your flood risk can help you access insurance
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Preparing for a flood
Tips on preparing for a flood. If you are expecting flooding in your area there are a number of steps you can take to limit the damage to your property...
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Advice for businesses affected by flooding
What to do if your business has been hit by flood water? We know that experiencing a flood on your business premises can be devastating, and insurers will do everything they can to help customers get…
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The Discount Rate
On 15th July 2019, the Lord Chancellor announced that the new Personal Injury Discount Rate will be set at minus 0.25%, following a consultation process and as set out within the Civil Liability Act…
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FAQ
What type of compensation is impacted by the Discount Rate?
Insurance policies that pay personal injury claims, e.g. motor insurance, public liability insurance, employers liability insurance, and where damage levels are set by the Courts are all potentially affected by the Discount Rate. Other compensators such as the NHS may also face higher costs.
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ABI issues guide to support customers at risk of flooding
20/12/2022
The ABI (Association of British Insurers) has re-issued its flood guide: ‘Responding to Floods: What you need to know’. This is designed to help those impacted by flooding and offers reassurance on the role that insurers can play to support the recovery process.
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FAQ
What does this mean for insurance premiums?
The change in the Discount Rate will lead to higher costs for insurers. This is because the Government had previously indicated that the rate would be set between 0 and 1% and most insurers were basing their claims costs on this, and not on the previous rate of minus 0.75%, in order to keep costs and premiums as low as possible. As the new rate is below this range, insurers will have to increase the money they set aside to pay future claims which will inevitably increase the pressure on premiums. This is especially true for younger drivers who are statistically more likely to be involved in the types of accident that lead to these claims.
While motor insurance remains a very competitive market, in which individual insurers will make their own commercial decisions about premiums, PWC has estimated the Discount Rate change could lead to the average motor insurance premium increasing by between £15 and £25, going up by as much as £50 to £75 for younger drivers.