Insurance Post

Post magazine – 26 February 2015

The front cover of the 26 February issue of Post magazine

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, market peers have advised new Arthur J Gallagher International CEO Grahame Chilton to prioritise replenishing his senior team if he is to thrive at the broker, citing a lack of UK retail experience as a potential obstacle.

Toby Esser, Cooper Gay Swett & Crawford CEO, said: "He's clearly an outstanding leader and he's done a fantastic job over the years but he only made one foray into retail - with Benfield - which didn't really end very well. You've got a good leader, that's the most important part, but [retail integration] is not really his background."

Also in the news, pressure on profitability in the Lloyd’s market has been cited among the main drivers for consolidation by analysts, with Novae tipped to become the latest listed player to be snapped up; and claimant solicitors have told insurers to “stop bleating” about the need to introduce reform to address the growing number of industrial deafness claims. 

AIG’s Jacqueline McNamee and Lockton Companies’ Mike Hammond are in the C-Suite. McNamee says 2015 is shaping up to be a year beset by confusion and unpredictability, so change must be embraced, while Hammond claims partisan politics and short-term thinking hinder the insurance sector, and asks what can be done to change this. The Association of British Insurers’ James Dalton is this issue’s Trade Voice, setting out the issues the association is looking to tackle over the upcoming year — and beyond.

Our Political Interview series continues as Callum Brodie meets Minister of State at the Department for Business, Innovation and Skills, Matthew Hancock. He claims that from an insurance perspective, and more widely, the Conservative Party are strong supporters of the expansion and success of the City of London.

We turn our Spotlight onto directors’ and officers’. First, with the modern ‘blame culture’, directors’ and officers’ cover should be an easy sell – so what is holding it back and how can this be overcome? We also report on how SMEs need to be informed of the benefits of directors' and officers' insurance and that conversation must be initiated by brokers.

Driverless cars are in the news. Rapid advances in automotive technology mean that, within a generation, the future of autonomous vehicles and driverless cars could become a reality. We ask what that will mean for the insurance industry.

Finally, with merger and acquisition activity in the broker sector set to continue in 2015, we look at the potential pitfalls and how they can be avoided.

Enjoy the read!

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