Keep up with what has been happening this week in our latest insurance news round-up…
Analysis from Equiniti, a financial services firm has revealed that UK workplace pension income rose by more than a third in the past 10 years. The findings show a 38% increase; from the average pension income of £121 a week in 2008/9 to £167 a week in 2018/19.
The economy in Britain has shrank by 20.4% in April due to the March lockdown; with the Office for National Statistics noting that the economy shrank by 24.5% compared to April last year.
Although there has been a push for greater BAME representation in the insurance industry in the past year, Aston Lark chief executive has said that there is more that can be done to increase BAME in insurance and that the reporting of BAME data could become mandatory.
In a recent Insurance Brokers Pulse-Point Tracker (PPT) survey run by FWD Research; two thirds of UK insurance brokers who took part said that the insurance industry has damaged its reputation with how it has handled the coronavirus crisis.
The Government Actuary’s Department (GAD) have helped implement new measures to support the credit insurance market by helping to develop trade credit schemes back by £10 billion of government guarantees.