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In this issue, our State of the Broking Nation series continues with a look at regulation, commission and politics.
Twenty senior industry figures give their thoughts on issues such as the expense and value for money that brokers get from the Financial Conduct Authority, the fairness of the FSCS levy, and how successful the British Insurance Brokers' Association is at representing brokers vis-a-vis the regulator.
In the news, insurers may face an increase in Motor Insurers’ Bureau levies following a “landmark” European Union ruling that seeks to significantly expand the scope of UK cover; the landscape for defending mesothelioma claims is expected to become increasingly difficult following a Supreme Court ruling that market insiders believe will widen the scope of liability in certain cases; London market bosses’ wish for unified representation is unlikely to be realised; and industry players have backed a renewed call from Lord Justice Jackson for the government to extend fixed costs to non-personal injury claims in fast-track cases.
RSA’s Ian Hood and BGL Group’s Peter Thompson are in the C-Suite. Hood believes insurers need to ensure they employ digital specialists with hands-on experience, while Thompson complains that a quick search for motor insurance stories on the internet is far from cheerful reading.
The Managing General Agents’ Association’s Peter Staddon is our Trade Voice, warning that MGAs could be caught out by HMRC’s policy on VAT exemption. And Simpson & Marwick’s Catriona Stewart is North of the Border, highlighting changes to the Health & Safety Act.
Francesca Nyman meets Ecclesiastical CEO Mark Hews. With its focus on heritage buildings and a strategy rooted in ‘doing the right thing’, he tells Post the firm is quite unlike any other in financial services.
Finally, Katie Marriner looks at how increased data availability may have transformed business interruption cover, but the sector still has much work to do in improving communication, clarity and policy wordings.
Enjoy the read!
- Relaunched insurer Folgate to write £35m in first year
- Staff at collapsed RIIG owed thousands in unpaid wages
- Insured losses for the California wildfires could hit $13bn
- Passporting ‘unlikely’ under terms of Brexit deal
- RSA pulls out of three London market lines
- Blog: Database overload
- FSCS mulls raising levies on brokers using unrated