Keep up with what has been happening this week in our latest insurance news round-up…

Bank of England and Lloyds of London apologise for links to slave trade

After worldwide protests against racism following the death of George Floyd in the US; insurance market, Lloyds of London and the Bank of England have now apologised for their roles in the slave trade. The Bank of England will also remove images of former governors and directors (who have been connected to the slave trade) from display.

UK public debt has risen 100.9% of GDP since 1963

The UK’s debt is bigger than the economy for the first time since 1963. The government has borrowed £55bn in May to tackle the coronavirus crisis; with the total debt over the last year has risen by £173bn, which is 100.9% of GDP.

Demand for connected home insurance expected to drop due to COVID-19

Analysts at GlobalData have suggested that the demand for connected home technology and insurance will become less necessary as people spend more time working from home.

iCAN issues statement on Black Lives Matter

The Insurance Cultural Awareness Network (iCAN) have issued a statement about the outrage and hurt with the black community. “An important way in which we as a network can address racial inequality and social injustice is by continuing with our mission to advance those with ethnic minority backgrounds within insurance. Now in particular is a time to deliver on our commitment to make this a reality,” the statement reads.

New vehicle safety insights for motor insurers

LexisNexis Risk Solutions had launched Vehicle Build which is supposed to better evaluate Advanced Driver Assistance Systems (ADAS). Many motor insurers across the UK have been invited to test this new solution which will help support better underwriting and pricing.