How do insurers encourage climate resilience?

Insurers promote resilience by offering discounts for risk mitigation measures, investing in climate adaptation projects, and collaborating with governments to improve disaster preparedness. Some companies also refuse to insure high-risk developments or fossil fuel projects to push for more sustainable practices.

What is experience rating in insurance?

Experience rating adjusts insurance premiums based on an individual or group’s past claim history, rewarding low-risk policyholders with lower premiums while increasing costs for high-risk individuals.

What should an employer do when an employee gets injured at work?

The employer should provide immediate medical assistance, document the incident, notify the insurer, and help the employee file a workers' compensation claim.

How do insurers determine discounts for UBI participants?

Discounts are typically calculated based on a combination of driving factors, such as smooth acceleration, safe braking, low mileage, and daytime driving. Each insurer has a different algorithm, but consistently demonstrating safe driving behaviors over time usually results in greater discounts.

How does indemnity work for auto insurance claims?

In auto insurance, indemnity compensates for the loss or damage to your vehicle. If you have comprehensive or collision coverage, the insurer will provide indemnity based on the vehicle's repair cost or actual cash value (ACV), which factors in depreciation. If your car is a total loss, the insurer will pay the amount needed to replace it with a similar vehicle, up to the policy’s coverage limit, minus any deductible.

What is the difference between a premium and a policy limit?

A premium is the amount paid for coverage, while a policy limit is the maximum amount the insurer will pay for a claim.

How can consumers check if an insurance company is FCA-regulated?

Consumers can verify an insurer’s FCA registration through the Financial Services Register on the FCA website. This register lists authorized firms, their permitted activities, and any disciplinary actions taken against them.

Do all pet insurance companies offer routine care coverage?

Not all pet insurance companies offer routine care add-ons. It is important to compare providers and check if they include wellness plans in their offerings.