The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
In this issue, news editor Callum Brodie reports that pressure is building on government to reassess a risk-pooling arrangement for academies and free schools – amid accusations by the insurance industry that taxpayers will be left to foot the bill for the “flawed” alternative to a private marketplace.
"If the perception of the problem is that the market is more expensive than it used to be, then [government] should be arguing for competition, and not another form of intervention," said Marsh UK and Ireland chief executive Mark Weil.
In other news, outsourcer Quindell would benefit from employing more experienced industry professionals, according to market analysts – who have suggested insurer partners may begin to question the trajectory of the business; the Competition and Markets Authority has been criticised by insurance industry players for falling short with its proposals to improve competition in the private motor insurance market; and insurers have voiced concerns over the prospect of mandatory telematics polices, with an opt-out system for telematics predicted within the next decade.
AIG's Nicolas Aubert, Lockton's Mike Hammond and Arthur J Gallagher's Sian Fisher are in the C-Suite: Aubert argues that customers must be the most important element of an insurer’s business; Hammond reflects on a year when the UK and global business environment has presented firms with ever more challenging risks; and Fisher talks about managing conflicts of interest in MGAs. We also have comment from Jeff Charlton, principle consultant at Building Forensics, who highlights the generally overlooked health impact of mould and bacteria after a flood event, while DWF's counter fraud director Jamie Taylor takes the Fraud Focus hotseat.
Mark Sands reports on Post's recent roundtable, in association with Accenture, which took in the social media debate, exploring how the insurance industry has embraced digitalisation and social media, and asked how firms can handle market disruption from new entrants and non-traditional competitors in the social media space.
Katie Marriner meets Bollington group chief executive Paul Moors, who talks about the rollercoaster ride of dependence and independence during his 15‑year tenure at the broker which has involved two management buyouts.
Our countdown to the 20th British Insurance Awards continues with a Q&A with Ashton West. The Motor Insurers’ Bureau chief executive talks about his work in the rehabilitation sector.
In analysis Mark Sands investigates whether a year on from the Financial Conduct Authority unveiling an investigation into the manner in which add-on products are sold by insurers, the industry has satisfied the regulator it is self-policing. Also, as the Statement of Principles nears expiry and with the imminent introduction of Flood Re, we ask what the future holds for flood cover. Finally, with times changing for high-rise living, we look at whether the insurance industry is keeping up and providing policies that are fit for purpose.
Enjoy the read!
A huge well done to all involved with organising our Remembrance Day event on Friday, including our Corporate Real Estate team. One of them, Ibrahim, took this incredible footage of poppies dropping as he (along with others) leaned (safely!) over the gantry to let them go. pic.twitter.com/pSbapkWBBR— Lloyd's (@LloydsofLondon) November 12, 2018
- RSA pulls out of three London market lines
- Passporting ‘unlikely’ under terms of Brexit deal
- Interview: Ian Muress, Sedgwick International
- Mike Brockman reveals plans for ‘next generation’ telematics
- Blog: And the next CEO is…?
- California wildfire losses expected to hit record levels
- Telematics insurance cuts younger drivers' claims losses by a third