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In this issue, the onerous nature of Solvency II capital requirements has triggered a flurry of planned exits by Gibraltar‑based insurers, according to market insiders, who believe potential motor rate rises will be offset by acquisitive interest from new entrants.
Martyn Holman, group commercial director at Gibraltar‑based insurer Markerstudy, told Post: “All the vibes seem to be that a number of the smaller carriers are making themselves available, and one assumes Solvency II is driving that to a large extent. Ultimately, people in Gibraltar need to up their spend or get out, and many people are of an age that they feel they need to get out.”
In other news, rehabilitation commentators claim that poor practice from insurers is to blame for a rise in fraud in the sector; analysts fear that the threat of further trade sanctions against Russia leaves insurers facing an extensive due diligence burden to avoid a breach in an increasingly risky business environment; as this year’s renewal season gets into full swing, early market predictions suggest there may be a move away from unrated markets for solicitors’ professional indemnity insurance; and claimant and defendant lawyers have united in questioning the future efficacy of the Social Action, Responsibility and Heroism Bill currently progressing through parliament, amid suggestions additional legislation in this area is not required.
Caroline Pritchard and Phil Oldcorn are in the C-Suite: Zurich Global Corporate UK’s Pritchard argues that the insurance industry must renew its focus on the content and quality of risk submissions, while Dual Group’s Oldcorn tells how a trip to the pub with colleagues showed him that success comes from mixing the generations. Fraud Focus returns, with DWF’s Jamie Taylor reporting on further proposed changes announced this month as part of the ongoing reforms of the processes under which whiplash claims are handled. And Simpson & Marwick’s Victoria Arnott is North of the Border reporting on a shift in Scottish solicitor regulation.
Mark Sands reports from Post’s recent Claims Club, including insurers being warned that an independent Scotland would hit them in the pocket.
Katie Marriner meets Allianz retail general manager Neil Brettell. Nine months into his role, he tells her of his clear vision for the business – to be a top-five UK player in five years. “There is a change of general manager, but the strategy stays there,” he says. “I also have a strong and stable group of directors and managers to help deliver growth.”
With the Scottish independence referendum just over a week away, Mairi MacDonald talks to brokers across the UK about what outcome they’re hoping for and their predictions what the vote could mean for broking businesses; also, with premiums in the high-net-worth space being huge compared with an ordinary household policy, we look at what brokers can do to ensure their clients are paying the right price; and finally Rachael Adams looks ahead to the Reinsurance Rendezvous in Monte Carlo, with key figures from the world of reinsurance giving the rundown on the state of the sector and the issues likely to top the agenda.
Enjoy the read!
- Motor insurers paying out record £23m in claims every day
- Insurers warned a 'robust' system will be in place to monitor discount rate savings
- Relaunched insurer Folgate to write £35m in first year
- Staff at collapsed RIIG owed thousands in unpaid wages
- Blog: Who Monitors Wins
- Polaris appoints Gallagher’s Vivek Banga as MD
- FSCS mulls raising levies on brokers using unrated