Britain’s finance minister George Osborne said on Wednesday he would raise the tax on motor and home insurance premiums by 0.5 percentage points to 10 percent to fund flood defenses, boosting insurance shares as the rise was smaller than anticipated. The tax hike follows a 3.5 percentage point rise in insurance premium tax last year. … Read more
Octo Telematics SpA, the Italian car insurance-technology company, is pursuing an outright sale alongside preparations for an initial public offering, according to people with knowledge of the matter. Octo, owned by Russia’s Renova Group, is working with advisers to seek potential bidders for the company, which could fetch as much as $2 billion, the people … Read more
Demonstrating a growing intolerance of mobile phone use at the wheel, a survey of 1314* motor insurance policyholders in the UK found that consumers want to be rewarded with lower premiums for not using their smartphones while driving. The avoidance of any type of mobile phone use – including both text and calls – should … Read more
As internet-connected and, eventually, driverless vehicles roll off production lines, traditional motor insurers need to adapt to ward off competition from car manufacturers. Insurers have struggled for years to make a profit from motor insurance due to intense competition and a rising tide of fraudulent claims. Now they face a much bigger threat as new … Read more
Pennsylvania education secretary Pedro Rivera and Insurance Commissioner Teresa Miller are focusing on helping high school students better understand car insurance. An interactive lesson titled “Insurance 101” was recently debuted for educators and students at Central Dauphin East High School in Dauphin County, Penn., and is now available for teachers around the state. The lesson … Read more
When people take to Twitter to comment on the great evening they enjoyed with good food and wonderful friends, reducing their monthly insurance bill is probably the last thing on their mind. But such tweets could help insurers to price premiums for individuals, with research suggesting a direct link between positive posts and a reduced … Read more
The risk of U.K. drivers having an accident in the month following the clocks changing at the end of October* increases by 10 percent, according to Insure The Box, the telematics car insurance provider. And if they are driving between 5 p.m. and 8 p.m., when it’s both dark and busy on the roads, the … Read more
Rearview cameras are expected to prevent nearly one-in-six police-reported backing crashes, an Insurance Institute for Highway Safety (IIHS) study has found. The IIHS is an Arlington, Virginia, headquartered independent, nonprofit research and communications organization dedicated to reducing highway crash deaths, injuries, and property damage losses, according to its website. The study compared rates of backing … Read more
The number of live telematics policies in the UK exceeded three quarters of a million for the first time in 2016, according to annual research from the British Insurance Brokers’ Association (BIBA). The BIBA survey includes information from the leading telematics brands in the UK to determine the number of live policies which, on a … Read more
UK motor insurance premiums hit their highest recorded levels in the fourth quarter of 2016 and rose more than five times the rate of inflation in 2016, as tax increases, increased repair costs and the rising costs of whiplash-style injury claims puts pressure on premiums, according to the Association of British Insurers (ABI). The new … Read more