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In this week’s issue, asset‑sharing companies working together as an industry has been mooted as a solution to insuring risks within the sharing economy, as insurance players look to increase their engagement with the emerging sector.
A government‑initiated meeting with representatives from Axa, Towergate, Canopius, Ecclesiastical, AIG, Bluefin, Towers Watson, the Association of British Insurers and the British Insurance Brokers’ Association raised concerns over claims management companies approaching the industry.
“Bringing together those businesses that are very similar and going as one to an insurer or a [managing general agent] is a much more palatable risk to an insurer than going piecemeal,” said meeting chairman and Biba deputy chairman Stuart Reid.
In other news, the Association of British Insurers criticises the Solicitors Regulation Authority’s ‘misguided idea’ that a reduction in the level of compulsory professional indemnity will lower premiums; market insiders tip Towergate to benefit from the departures from its underwriting unit, arguing that ongoing exits will enable the broker to better integrate its Fusion business; insurers and telematics providers reiterate their opposition to curfews for young drivers despite public support for such measures; and the Transport Select Committee has been warned that banning pre‑med whiplash settlements is not cost-effective.
Hiscox UK’s broker channel managing director Ross Dingwall and Paul Upton, group CEO at Evolution Underwriting are in the C-Suite; Dingwall talks about the hidden cost of broker rates, and how with broker commission hitting unreasonable heights, the squeeze is on insurers and consumers alike, while Upton reflects on some of the huge changes he has seen within the industry since Evolution was formed a decade ago.
Mairi MacDonald meets Ace European Group’s David Robinson. An underwriter at heart, he tells Post how listening to customer demand has been the driving force behind his strategy since becoming UK and Ireland president.
As a recent survey reveals a growing reluctance among board members to take on non‑executive positions, Mark Sands talks to some of insurance’s leading non‑executive directors to gauge their views on the evolving nature of the role. And with festival season upon us, we take a look at the increase in appetite for comprehensive cover, asking how the insurance industry is keeping up with this demand. Finally, we investigate broker exit strategies, finding that as eventual sale is no longer an easy way out for SME brokers, they are turning to employee ownership as an option.
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
- Relaunched insurer Folgate to write £35m in first year
- Staff at collapsed RIIG owed thousands in unpaid wages
- Passporting ‘unlikely’ under terms of Brexit deal
- Insured losses for the California wildfires could hit $13bn
- FSCS issues warning over insurer records
- RSA pulls out of three London market lines
- FSCS mulls raising levies on brokers using unrated