Insurers in line for a £4.8bn windfall from referral fees - Insurance News Now – 9 June 2011
Post news editor Mairi MacDonald outlines this week's major general insurance stories including how motor insurers could pocket billions in extra income a year if a recommendation to retain referral fees is acted on.
John Spencer, a former chairman of the Motor Accident Solicitors Society, has estimated that insurers and brokers will receive up to £3.2bn in referral fee income and £1.6bn in ancillary services income in 2010 and 2011 alone.
In other news, Equity Red Star has made 27 staff redundant following an eight-week consultation period; Paladin Underwriting Agency has exited its specialist contractors' account 18 months after its inception; Talbot Underwriting, Cathedral and EBI have taken legal action against AEG Live, the promoters of Michael Jackson's This Is It tour. The dispute relates to whether Michael Jackson's death was accidental or if it was caused by deliberate prescription drug abuse; and online financial services marketing firm Media Ingenuity is in talks with insurers to support a push into the general insurance personal lines space.
Keep up to date with all the latest insurance news as it breaks at postonline.co.uk
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Broker
AI could kill the insurance renewal habit
Editor’s View: With more than 70% of consumers expecting artificial intelligence to influence their insurance purchases within the next year, Emma Ann Hughes predicts renewals face their biggest disruption right now since the demise of the Yellow Pages.
Q&A: Gary Williamson, Gazelle Risk Solutions
Gary Williamson, managing director of commercial lines broker Gazelle Risk Solutions, speaks to Insurance Post about the company’s growth plans.
Why tackling ghost broking will require a balanced approach
Trade Voice: Sue Brown, chair of the Motor Accident Solicitors Society, breaks down why addressing the scourge of ghost broking will require a unified response from insurers, regulators, tech firms, and government.
PIB and Howden recruitment trial set for February 2027
The High Court case centred on PIB accusing Howden of poaching a double digit-strong team moved forward last week with a hearing date set for February next year.
Penny Black’s Social Diary: Metal Meets Marsh; Haggie’s buffet
Penny Black has been out and about again, notebook in one hand and canapé in the other, keeping a keen eye on the insurance industry’s more whimsical moments.
Curious case of Aon’s co-CEOs as Page and Kielty exit
Content Director’s View: The appointment of co-CEOs at Aon following Jane Kielty and Julie Page stepping down reignited a familiar debate – is joint leadership ever a good idea? Jonathan Swift examines whether the sceptical reaction was justified.
Q&A: Massimo Cavadini and Pardeep Bassi, WTW
Massimo Cavadini, head of product, pricing, claims and underwriting for Continental Europe at WTW, and Pardeep Bassi, global proposition leader for data science, insurance consulting and technology at WTW, delve into the 2025 European Insurance & Occupational Pensions Authority’s Generative AI Market Survey and whether a rewrite of the rules of insurance analytics is required.
Fair value rules still fail brokers and consumers alike
Four-and-a-half years after the Financial Conduct Authority’s fair value rules arrived, Branko Bjelobaba, principal of compliance consultancy Branko Ltd, argues inconsistent data and vague metrics still make it difficult for brokers and consumers to compare insurance products properly.