As a European company, we provide an online translation service to a wide range of businesses, irrespective of their geographical location, or field of work. If there is one sector that requires having access to flawless and professional translations, performed by expert linguists and agencies, it is the insurance industry.
For this reason, many insurance companies have become regular returning customers for BeTranslated, as their expertise and specialist multilingual service is a valuable asset for insurers to have helping them with their technical linguistic needs.
We’re going to be delving deeper into the insurance industry’s current situation in the UK, hopefully giving you a better insight into the industry, as well as the professional translation services we can provide to you and your business.
Top insurance trends in the UK for 2023
- Climate change: this growing issue has resulted in unprecedented damage to insured homes up and down the United Kingdom, which has seen a rapid rise in insurance prices.
- Inflated rates: This is a knock-on effect of the inflation in repair costs, with businesses desperately attempting to balance their margins. It is estimated that the increase in the cost of insuring your home is set to get even higher, with the Financial Times predicting more than a 33% rise in the UK over the coming 2 years.
- Car insurance prices at an all-time high: A current nationwide shortage in vehicle parts and staff has resulted in insurers raising their rates. Car insurance giants, Admiral, have predicted a plateau in inflated prices as early as 2024. However, this has been heavily debated amongst industry experts, with many believing we will continue to see an increase in rates up until 2025 at the very least.
- Recover period for the industry: the insurance industry has found itself in a recover period, following the effects of Brexit, the COVID-19 pandemic, and Russia’s invasion of Ukraine. With all of these events happening in quick succession, every UK insurance market is still feeling the full effects. Another stand out issue for UK insurance providers at the moment, is the ever-changing international markets.
The impact of Brexit on the UK insurance market
Travel insurance, haulage insurance, and seafood insurance, have all seen, or experienced first-hand, the immediate effects and changes brought about by Brexit. Passport problems have made it more and more challenging for UK and EU financial providers to reach a deal.
Prudential, a London-based insurance company, considered moving its office headquarters to Hong Kong, due to tight EU regulations following Brexit. 65% of its staff in London have already been relocated to Hong Kong, with the company’s new CEO being appointed in Hong Kong too.
Despite keeping its office in the capital, it appears Prudential has been forced to reconsider their future endeavours following the aftermath of Brexit, with the renowned insurance company seemingly having its primary focus on the Asian market.
Brexit appears to have affected 60% of the commercial insurance industry worldwide, however, it is claimed to have impacted upon a staggering 100% of UK insurance companies.
Despite the previously mentioned factors having a significant impact upon the industry (COVID-19, climate change, and the war in Ukraine), experts unanimously agree that Brexit has been responsible for the vast majority of the UK insurance industry’s current deplorable state.
Insurance in the City of London
The London Market is unique, and is independent of the rest of the UK. It attracts a lot of global interest, so much so that out of the total instalments that take place, only 30% are UK-based, with the rest being received from clients overseas. It is the only active market to have the top 20 assured reinsurance companies all present.
Furthermore, there are currently 140 certified insurance companies located in the City of London. Over the past few years, we have witnessed an increase in the scrutiny surrounding high-exposure risks. Insurance providers in London primarily specialise in non-life insurance, along with reinsurance.
The London Market is undergoing a technological advancement, with 33% of active insurers investing in new technology. Insurers want to ensure that an efficient and flawless service is on offer for every broker and client.
Translation for insurance companies
Insurance companies work with industry-specific documents, for example, company policies and contracts, etc. They often translate these technical documents in order to fulfil the legal and commercial requirements of the market, to which the insurance company is directed on, depending on the nationality of the policyholder.
Founded in 2002, BeTranslated has provided numerous widely recognised insurance translation services to all kinds of experienced and assured businesses within the financial sector.
The majority of our translators have an extensive knowledge of the insurance industry, with some of them even having being insurers themselves.
The following fields do not pose any difficulty whatsoever for our translators, as the databases which have been accumulated since the launch of BeTranslated, guarantee ultimate precision in any type of translation carried out.
- Portfolio management
- Actuarial science
- Market research
- Contract management
- Asset management
- Insurance brokers
- Commercial and administrative responsibilities
BeTranslated is a professional translation agency that works with multiple linguistic combinations, be it translating an insurance policy in PDF format, from English to Spanish, or from French to German, or any other language.
Why use BeTranslated’s insurance translation services?
To help facilitate your international communication, we offer reviews and insurance translation services of the highest quality to insurance companies. Our professional translators, who are specialised in this industry, work under tight deadlines so that you can communicate with your clients and colleagues, whether they are in Spain, Europe, or anywhere else in the world, no matter your first language.
Take care when using online translation tools, as they make a lot of mistakes, and end up costing some companies a lot of money in the process.
Your communication is the face of your business, and it has to be impeccable!
Quotes and an efficient, speedy service… We are at your disposal 24/7
Whether it is insurance policies for properties, vehicles, housing, families, pensions, finances, etc., insurers take care of the most personal and private affairs of their clients, with confidentiality being essential.
With BeTranslated, our clients can rest easy knowing that we respect the confidentiality of their documents throughout the process.
Our industry expert insurance translators respect the demands of the client, and promise to provide a translation service that is compliant with the very strict rules of the profession.