- Newslink Global Insurance Trends-Editor's Weekly Overview
- Allianz reports operating profit up 3% for last year-well within target range
- AXA reports underlying earnings per share up 5% for 2019
- Ageas reveals best ever full year reports
- Swiss Re reports group net income up 73% for 2019
- Oxbow Partners publish third edition of the InsurTech Impact 25
- By Miles to assist policyholders with awareness of London's Ultra Low Emissions Zone(ULEZ) charge expired
- Guidewire InsuranceNow solution chosen by First Chicago and United Security Health and Casualty expired
- Willis Towers Watson win Analytics Solution of the Year at the 2020 Insurance ERM Awards for its Radar Live software expired
- Allianz Board changes announced expired
- AXA appoints Gunter as CEO AXA XL expired
- Swiss Re takes further steps towards net-zero emissions expired
12th February 2020
GlobalData findings indicates 80% satisfaction rate after making a home insurance claim in the UK-only 4.5% dissatisfied
Findings from GlobalData's UK 2019 Insurance Consumer Survey indicate that 80% of home insurance policyholders who have made a claim on their current policy were satisfied with the service provided during the claims process, with only 4.5% being dissatisfied.
Daniel Pearce, Senior Insurance Analyst at GlobalData comments “These findings should reassure providers that, despite the potential for a poor claims experience to damage their reputation, on the whole the processes which are currently in place are up to the task.”
Insurers should instead be more concerned that premiums in the home insurance market will have to increase, particularly if flooding events increase in frequency due to climate change. GlobalData's research indicates that 65.4% of home insurance policyholders who switched at the point of renewal did so because they were offered a lower premium. Home insurance providers should look towards increasing investments in technology to help with cost savings throughout the value chain, allowing for premiums to become increasingly competitive.
Pearce concludes “The recent floods and wind damage caused by Storm Ciara could have a considerable impact on switching activity within the home insurance market. With the percentage of policyholders switching at the point of renewal increasing in 2019 because they were offered lower premiums, higher premiums coming as a result of Storm Ciara could create more volatility.
GlobalData Trends(34 articles)