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In this issue, EU membership and regulation are among major industry concerns should Scotland vote for independence.
Bob Haken, partner at law firm Norton Rose Fulbright, believes the severing of the union with the rest of the UK and the likely cessation of an independent Scotland’s EU membership would have far‑reaching implications for the insurance sector north of the border. “A Scotland independent from England and Wales is one thing, but if it were not to remain in the EU that would have a major impact,” he told Post.
Also in the news, observers say the economic recovery is behind several firms adopting new strategies, with broking giants tipped for M&A moves as the sector looks to follow Gallagher’s lead; and industry commentators are expecting increased interest in the Lloyd’s market from Middle Eastern and Asian businesses, with the maturing of eastern markets cited as a key driver for overseas investment.
XL Group’s David Miller and Phil Barton of Jelf Insurance Brokers are in the C-Suite: Miller argues that internships offer multiple benefits for both intern and employer, and that the industry must embrace them; while Barton claims that at the heart of being a community broker is the need to serve owner‑managed SME clients that represent the bedrock of the economy.
Mark Sands meets Kiln chief executive Charles Franks. He is soon to become the leader of a new business in the shape of Tokio Marine Kiln, bringing together his business with Tokio Marine Insurance Europe. Franks tells Post how the moving vans are booked to move the two businesses into shared digs, joining the likes of Markel, RSA and numerous other insurance businesses in London’s Walkie Talkie in just three months’ time.
The concept of a networked home, with a number of services controlled by a smartphone, is fast becoming a reality. Francesca Nyman looks at how insurers can capitalise on the ‘smart’ revolution. We also focus on rehabilitation, reporting how despite it being received with enthusiasm in the UK, it now appears to have fallen behind similar models across Europe. Also, with directors’ & officers’ cover seeing a slight downturn in uptake recently, we reveal there is huge potential for insurers to tap into the market. Finally, with the question of whether climate change driving an increase in the severity of weather events is a key concern for insurers, Katie Marriner investigates how modelling systems can keep up.
Enjoy the read!
With great sadness we confirm that Sir David Rowland, our former Chairman from 1993 to 1997, has passed away. He played a critical role in safeguarding the future of the Lloyd’s market through perhaps its most difficult period.— Lloyd's (@LloydsofLondon) February 18, 2019
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