How does reinsurance help manage climate-related risks?

Reinsurance allows primary insurers to transfer part of their risk to larger, global insurers. This spreads financial exposure and stabilizes the insurance industry. With climate change increasing losses, reinsurance companies are adapting their strategies, including raising premiums and investing in advanced climate risk analytics.

What role do actuaries play in the insurance industry?

Actuaries analyze data, build predictive models, and assess financial risks to help insurance companies determine premiums, reserves, and risk management strategies to maintain profitability and solvency.

How do I file a claim for business property damage?

Notify your insurer, document damage with photos, provide receipts, complete claim forms, and cooperate with adjusters for assessment.

Is UBI only for personal vehicles, or can businesses use it too?

UBI is available for both personal and commercial vehicles. Many businesses use fleet telematics to monitor driver behavior, improve safety, reduce fuel costs, and optimize vehicle usage. Commercial fleet programs often provide additional insights such as route efficiency and maintenance alerts.

How does indemnity work in a property insurance policy?

In property insurance, indemnity means that the insurer compensates the policyholder for damages or losses to their property, typically restoring them to their financial position before the loss occurred. This is done by covering repair costs, replacement costs, or the actual cash value of the damaged property, depending on the policy terms. The payout amount will not exceed the policy limit or the actual loss.

What does insurable interest mean?

Insurable interest means a policyholder has a financial or personal stake in the insured item or person, justifying coverage.

How does the FCA ensure fair insurance pricing?

The FCA regulates pricing practices to prevent unfair discrimination, excessive fees, and hidden charges. It requires insurers to provide clear justifications for premium increases and to ensure fair pricing, especially for vulnerable customers.

Does pet insurance cover hospitalization and surgery for illnesses?

Yes, most illness coverage includes hospitalization and surgery costs for covered conditions, but it's important to check the policy limits and exclusions.