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Claims Newsletter Monday 2nd October 2023

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Claims News

The UK Justice Committee has called on the Ministry of Justice to conduct an urgent investigation into the 349,000 unresolved cases in the Official Injury Claim Service Portal. This development comes as part of the government’s Whiplash Reform Programme. The programme was initiated in May 2021 to address the high number and cost of whiplash claims in England and Wales. (Josie Miller, 20/9/2023, Claims Mag, 'UK justice committee calls for investigation into official injury claim service backlog')

New research from Go.Compare Car Insurance has exposed that over £47 million worth of motor insurance claims were turned down during the second half of 2021, according to Financial Conduct Authority (FCA) data. Between July and December 2021, more than 14,000 motor insurance claims faced rejection. These rejections made up just 0.8% of the 1.7 million insurance claims filed during this period. However, their combined value highlights the need to understand potential claims process obstacles. The statistics provide valuable insights into the trends and statistics related to motor insurance claim rejections. This could help insurance professionals better understand the challenges and issues faced by policyholders. (Josie Miller, 12/9/2023, Claims Mag, '£47 million in motor insurance claims denied in 2021')

Admiral Group, a leading provider of car insurance and other financial products, has announced a remarkable growth in profits and customer base in its 2023 Interim Results Highlights report. The company reported a 4% year-on-year increase in Group profit before tax, an impressive £233.9 million growth. In a surprising turn of events, Admiral managed to achieve this growth despite insuring fewer vehicles during the year. The company covered 380,000 fewer vehicles, marking a substantial reduction in its active vehicle base. This decline was more pronounced than the 300,000 decrease observed over the entirety of the previous year. (Josie Miller, 25/9/2023, Claims Mag, 'Defying the odds? Admiral Group announces profit surge and customer growth despite vehicle coverage dip')

The UK government has announced it will impose fixed costs on clinical negligence claims valued up to £25,000 starting from April 2024. The move, despite opposition from claimant firms and representative groups during a consultation last year, aims to address the increasing annual expenditure on clinical negligence claims. Legal costs represent a significant portion of this expenditure. Under the new rules, clinical negligence claims up to £25,000 will be subject to fixed costs, except in specific cases such as neonatal deaths, stillbirths, claims requiring more than two medical experts, cases involving protected parties or children, and those with litigants in person. (Josie Miller, 15/9/2023, Claims Mag, 'UK government to implement fixed costs for clinical negligence claims up to £25,000')

The prestigious Broker Innovation Awards 2023, held on 7th September in the heart of London, showcased the cutting-edge talent and remarkable achievements within the insurance claims industry.  Hosted in a glittering ceremony at the Leonardo Royal Hotel in St Paul’s, the event recognised and celebrated the outstanding contributions of various insurance professionals and organizations across multiple categories. The awards celebrated talent, including recognising individuals like Joseph Tarten and Anna Hall, who won Trainee of the Year and Rising Star of the Year, respectively. Other key themes were innovation, embracing new technologies, and keeping a customer-focussed approach. (Josie Miller, 8/9/2023, Claims Mag, 'AllClear celebrates triple win at the Broker Innovation Awards 2023')

​Aon has announced the launch of its new solution for financial institutions, FI Protect 360. Created in collaboration with a number of London Market insurers, FI Protect 360 is designed to address key operational risks faced by today’s financial institutions encompassing both technology and more traditional risks. Subject to underwriting, Aon’s FI Protect 360 has access to US$100m capacity per client and will blend a number of traditional lines to provide comprehensive cover that reflects the evolving needs of FIs. (CIR, 28/9/2023, 'Aon launches FI Protect 360')

​McGill and Partners has partnered with Renew Risk to develop catastrophe models for offshore wind portfolios, via an initial five models in the Oasis framework, an open-source cat model platform, covering Northeast US hurricane, Taiwan earthquake and typhoon and Japan earthquake and typhoon. The models are designed to assist in providing a fuller understanding of the natural peril risks, determining appropriate insurance limits and grasp of risk aggregation across multiple windfarms in one region. (CIR, 27/9/2023, 'McGill and Renew Risk in offshore wind partnership')

Insurtech MGA Loadsure has partnered with WeatherOptics to bring weather intelligence into its risk calculations. WeatherOptics translates weather data into actionable insights for logistics companies, providing predictive intelligence as a risk score or delay time that allow businesses to easily understand how upcoming weather will affect their operations. These insights help predict and mitigate such uncertainties as trucking delays, warehouse disruptions and weather-related driver risk. (CIR, 27/9/2023, 'Loadsure integrates WeatherOptics data into risk calculations')

Next Gen will from the 1st of October become the only PPL platform available to place new risks. From this date, the option to create a new firm order will be removed. PPL said that any firm orders created on the old platform before this date can still be completed until the 15th of December. The ability to endorse a firm order already on the old platform will not be impacted next week, as this type of endorsement can still be created and completed on or before the 15th of December. (CIR, 25/9/2023, 'PPL confirms October 1st switchover')

As the offshore wind sector sees significant growth and opportunities, the industry faces an increased and varied range of risk, according to a new report by Allianz Commercial. It warns that insurers and developers will need to adapt to the challenges posed by bigger turbines and increased natural catastrophe risks. In its new report, A turning point for offshore wind, Allianz Commercial highlights growth opportunities, tech innovations, risk trends, and loss patterns for the offshore wind industry as the sector prepares for global growth. Anthony Vassallo, global head of natural resources at Allianz Commercial, said: “Offshore wind farms are highly complex projects. The lessons learned from past losses – which are primarily damage to cables and turbines – are essential for the industry to continue to grow sustainably. Emerging risks need to be explored, too, as developers prepare for widescale deployment of offshore wind around the globe.”(CIR, 22/9/2023, 'Offshore wind industry growth brings new and bigger risks – report')

Sedgwick has introduced a climate risk and resilience programme designed to address the impact of climate-related losses. The multidisciplinary solution – provided by Sedgwick and EFI Global, the company’s forensic engineering, fire investigation and environmental, health and safety consulting division – includes property resilience assessments, environmental consulting, loss adjusting, and repair and restoration services. Tom Simoncic, President of Property and International at Sedgwick, said: “Industries and organisations worldwide are facing increasing challenges associated with climate-related risks and losses. Our new climate resilience solutions will help clients prepare for weather-related risks, protect their investments, resolve property losses, and recover from damage.” (CIR, 20/9/2023, 'Sedgwick launches climate resilience solution')

Aon has joined the International Emissions Trading Association as the first member with risk capital capabilities. IETA is a non-profit organisation that seeks to establish an international framework for trading in greenhouse gas emission reductions. Aon says its IETA membership will enable it to help clients accelerate their investments in decarbonisation and climate resiliency and aid in the transition to a lower-carbon economy. It aims to develop further insights on carbon market developments and trends as well as emerging rules and regulations and help develop market-based climate solutions for greenhouse gas emissions reductions that can impact an organisation’s ability to meet net-zero targets. (CIR, 19/9/2023, 'Aon joins International Emissions Trading Association')

Risk, safety, and insurance software as a service technology firm Origami Risk has announced the acquisition of Dais Technology, a provider of no-code insurance technology. The acquisition increases Dais’ market reach and client support capabilities and expands Origami’s suite of property and casualty insurance solutions for MGAs, insurers and reinsurers. Dais will operate as a subsidiary of Origami and will continue to be led by its Co-Founders Jason Kolb, Aaron Larson and Milos Dedovic. (CIR, 15/9/2023, 'Origami Risk acquires Dais Technology')

Chubb has launched a new Lloyd’s of London consortium that is designed to provide insurance coverage for risks associated with the transit and storage of lithium batteries. The move seeks to address a lack of capacity in the marine cargo market for providing lithium battery transit and stock insurance. The consortium aims to provide a single solution with limits up to US$50m for risk types associated with lithium batteries including transit, stock throughput, standalone stock and warehouse legal liability, and will include excess stock and part orders. It is led by Chubb Global Markets, the company’s London Market wholesale and specialty business including its Lloyd’s platform, and supported by 11 other Lloyd’s syndicates. CGM will also draw on the capabilities of Chubb Climate+, the company's global climate business unit launched early in 2023. (CIR, 15/9/2023, 'Chubb launches Lloyd’s lithium battery consortium')

Safetytech Accelerator has signed up major UK maritime insurers, the UK P&I Club and TT Club to its Cargo Fire and Loss Innovation Initiative. The initiative, launched in February 2023, is a multi-year collaborative technology acceleration programme focused on reducing cargo fires and loss in maritime and its impact. It is already supported by Anchor Partners COSCO Shipping Lines, Evergreen Line, HMM, Lloyd’s Register, Maersk, the Offen Group, ONE and Seaspan, which represent around 50% of the total liner shipping market. The programme will help expedite the uptake of technology and best practice by identifying specific opportunities where technology can make a difference, shaping joint requirements, identifying solutions, undertaking trials and developing best practices and recommendations. It has already started working on solution for early fire detection in cargo hold. (CIR, 14/9/2023, 'Cargo safety initiative gains momentum')

Zurich Resilience Solutions and KPMG Switzerland have formed a strategic collaboration to offer advisory services to address the physical and transition risks associated with climate change. The frequency, duration and severity of extreme weather events have increased and pose an emerging threat to businesses and communities, with buying behavior shifting accordingly. Transition risks include policy changes, reputational impacts and shifts in market preferences, norms and technology. Having a holistic approach to climate change risk can help companies to better protect their assets, operations, employees and the communities in which they work, while complying with relevant reporting standards, frameworks and regulations. (CIR, 13/9/2023, 'Zurich and KPMG in climate advisory partnership')

Operational risk association, ORX, has launched its Risk Indicator Library for operational and non-financial risk. Banks and insurers can use the library to benchmark and expedite the standardisation of their internal risk indicators or risk indicator library against industry practice, and inform enhancement and optimisation activities. The tool can also be used to provide guidance to the first and second line of defence risk function specialists responsible for coordinating the internal development of risk indicators. (CIR, 12/9/2023, 'ORX launches Risk Indicator Library')

Specialist reinsurance MGA, Connect Underwriting, has launched a new London-based MGA, Stability Risk UW. Regulated by the UK Financial Conduct Authority, Stability Risk will be supported by Lloyd’s and London-market capacity and will initially write contingency, casualty, cyber and financial lines on a global basis. The launch of a separate business for these classes was designed to enable Connect to maintain focus on its core specialist areas of property, energy and PV. (CIR, 11/9/2023, 'Connect Underwriting launches specialist MGA')

A new predictive strikes, riots, and civil commotion data model providing forecasts for thousands of global locations on the potential for damaging civil unrest events to emerge, has been launched by Verisk Maplecroft. Developed for political violence underwriters, exposure analysts, modellers, and specialty reinsurers as part of the Lloyd’s Lab accelerator programme, the SRCC Predictive Model aims to offer insurers a new approach to how they assess and price these risks. (CIR, 7/9/2023, 'Verisk releases SRCC data model for political violence insurers')

Renew Risk, a London-based clean-energy risk analytics SaaS startup, has raised £1.7m seed funding to improve its offering to assist with the financing, planning and insurance for renewable energy assets. The firm aims to provide risk assessment solutions that will allow re/insurers, insurance brokers and offshore wind farm developers to assess the risk of billion-dollar renewable energy assets being constructed in deep sea and in natural disaster prone regions. Its risk modelling software calculates the frequency and severity of financial losses due to natural disasters, allowing re/insurers to understand the risk and provide capacity. It says that by securing insurance for large offshore wind projects, institutional investors are more inclined to provide the necessary financing to expedite the transition to renewable energy. (CIR, 7/9/2023, 'Renew Risk launches clean-energy risk analytics offering')

The International Federation of Red Cross and Red Crescent Societies has partnered with Aon, Lloyd’s Disaster Risk Facility and the Centre for Disaster Protection to launch a new risk transfer mechanism to ensure that rapid support is available when a disaster occurs. The tool provides a backstop for the IFRC's Disaster Response Emergency Fund. DREF is intended to be a simple, fast, and transparent way for IFRC's member national societies to access short-term emergency funding for community action in all kinds of disasters when needs surpass the resources available at the national level. (CIR, 6/9/2023, 'IFRC launches insurance tool to aid disaster response')

A court has granted a confiscation order against a man who was jailed in 2021 after he cloned a claims management company and orchestrated over 60 fraudulent motor insurance claims. Hamid Sediqi, 38, of Somervell Road, Harrow, also known as Hamid Sharifi, Najib Sharifi and Kevin Heartbreak, was given three months to pay £210,000 at Inner London Crown Court on 27 September 2023 following proceedings brought by the City of London Police’s Insurance Fraud Enforcement Department (IFED). This is made up of a penthouse apartment in Gran Canaria and a Mazda RX7, which Sediqi purchased using the money he made from the claims. (Fraud IFED Press Release, 29/9/2023, City of London Police, 'Serial fraudster ordered to pay back £210,000 after orchestrating 62 fraudulent insurance claims')


​Insurtech MGA, Qlaims has announced that well known broking figure and spokesperson, Stuart Reid, joins as a Non-Executive Director. Stuart has spent over 35 years in the industry as CEO at Stuart Alexander, CEO & Executive Chair at Bluefin and CEO of UK Retail at A J Gallagher. He has also had many industry roles as Deputy Chair of the British Insurance Brokers Association (BIBA) and Chair of BIBA’s Large Broker Committee. He was also Vice President of the Chartered Insurance Institute (CII) and Chair of the CII Broking Faculty. Roles that have given him both an interest and a view on the industry more widely. He currently holds roles as Chair at Partners& and Pikl, and as a Non-Executive Director at Harbour Underwriting. (QLaims, 4/9/2023)

The Chartered Institute of Loss Adjusters (CILA) has chosen Steven Wallace, Managing Director of McLarens UK & EMEA, as its new President during their recent annual general meeting. This significant appointment brings fresh leadership to an institute that plays a vital role in maintaining professional standards in the loss adjusting field. Wallace, with over 30 years of industry experience, succeeds Dr Marc Sweeney of Davies, who served as President for a year. (Josie Miller, 21/9/2023, Claims Mag, 'CILA elects Steven Wallace as president')

​In a significant move within the insurance sector, Towergate Health & Protection has announced the appointment of Richard Jackson as Head of Consulting. Prior to joining Towergate Health & Protection, Jackson held key positions at renowned companies such as Gallagher and Bupa Global. His extensive leadership and consultancy experience will be instrumental in maintaining the company’s commitment to providing professional advice, expert broking, and outstanding service to its customers. (Josie Miller, 20/9/2023, Claims Mag, 'Towergate Health & Protection appoints new Head of Consulting')

There will soon be a new man at the helm of Crawford & Company in both Europe and the Middle East. Niels de Kock is assuming the role of President for the two regions. Currently the Managing Director for the Netherlands, Germany and Belgium, de Kock is set to retain that role with the support of local leadership. He originally joined Crawford back in 2003 and has held a host of Europe-based roles since. (Paul Lucas, 20/9/2023, Insurance Business UK, 'Crawford names new president for two regions')

Integrated legal and business services provider DWF has expanded its insurance division with the addition of a new Partner, Andrew Symons. Symons assumes his new role after 11 years with DLA Piper. He has over three decades of experience in insurance and reinsurance markets, with an extensive background in advising clients on disputes and case law in dispute resolution, litigation, and arbitration. (Mika Pangilinan, 22/9/2023, Insurance Business UK, 'DWF grows insurance division with new partner')

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All information provided in this Market Digest has been gathered from Claims Mag and CIR.