Insurance news in 2024
15 stories, newest first.
- December 2024
Ombudsman guidance on motor valuations and write-offs updated
The Financial Ombudsman Service has updated its guidance on motor valuations and write-offs, saying it will now typically consider adverts when assessing what a written-off vehicle was worth.
Consultation launched on permitted insurance fees for landlords, freeholders and property managing agents
The UK and Welsh governments have set out plans to replace opaque buildings insurance commissions paid by leaseholders with a permitted insurance fee, under powers in the Leasehold and Freehold Reform Act 2024.
- November 2024
FCA review finds long delays in life insurance payouts
The Financial Conduct Authority's review of 15 life insurers covering more than 75% of the market found significant delays and inconsistencies in bereavement claims handling, with term insurance claims taking 53 to 122 days.
Storms Bert and Conall flood more than 680 properties in England
Storms Bert and Conall flooded more than 680 properties in England in November 2024, as analysis of home insurance policies shows most storm claims were rejected in the same year.
- October 2024
Fair By Design responds to consultation on eliminating poverty premiums
Fair By Design has published its response to Ofgem's consultation on the consumer vulnerability strategy, setting out measures it wants from the regulator and government to cut poverty premiums.
Which? finds budget home insurance policies often lack key cover features
Which? analysis of 75 home insurance policies found 12 budget products generally scored poorly, with gaps including missing accidental damage cover, low trace and access limits and higher excesses.
- September 2024
UK Government establishes Floods Resilience Taskforce
The UK government set up a Floods Resilience Taskforce in September 2024 to oversee national and local flood resilience, with a flood insurance taskgroup among three established.
- August 2024
More travellers with medical conditions not declaring them when buying travel insurance
A third of travellers with pre-existing medical conditions say they will not declare all of them when buying travel insurance this summer, up from a quarter in the spring, according to research from insurer AllClear.
ABI reports motor premiums fell for the first time in two years
The Association of British Insurers reported that average comprehensive motor premiums fell to £622 in the second quarter of 2024, the first quarterly decline in two years.
- July 2024
New analysis shows low-income drivers pay up to 48% more for car insurance
University of Bristol analysis for Fair By Design finds drivers in the most deprived areas pay 29 to 48 per cent more for car insurance, with monthly payment and area ethnicity also raising quoted premiums.
- June 2024
Publication of a 12 point plan to end the poverty premium
Fair By Design published a 12 point plan to end the poverty premium on 13 June 2024, launched as its 2024 general election manifesto and covering payments among other areas.
Hargreaves Lansdown report finds 57% of homeowners lack enough life cover
Hargreaves Lansdown figures reported by Which? show 57% of homeowners have too little life cover, with an average shortfall of £89,800 for households with dependents.
- May 2024
Insurance policyholders report biggest rise in problems
The proportion of insurance policyholders who reported a problem rose to 16 per cent in May 2024 from 12 per cent in 2022, the largest increase of any product area, driven mainly by policies costing more than expected.
Motor insurance switching rate rises to 61%
The FCA's Financial Lives 2024 survey found motor insurance had the highest switching rate of any product in the last three years, at 61%, up nine percentage points from 52% in 2022.
- April 2024
FOS award limits increase from 1 April 2024
The Financial Ombudsman Service award limits rose on 1 April 2024 to £430,000 for complaints about acts or omissions from 1 April 2019, and £195,000 for earlier ones.