Tough market sees 57% drop in number of claims firms
The number of claims management companies has more than halved in the past six years, according to official figures.
Statistics from the Claims Management Regulator found that there were just 1388 CMCs operating as of March this year, down from a peak of 3213 in 2011 – a decline of 57%.
In addition, there was an
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 Claims
Insuring the Birkin boom: risks in plain sight
As iconic handbags appreciate significantly in value, Tim Evershed examines how insurers are adapting to challenges around portability theft risk, valuation volatility and the limitations of traditional home insurance policies to cover the cost of such expensive accessories.
Why property insurance should lead the charge on sustainability
Conall Bolton, senior product consultant at technology and data analytics company Cotality, explains how incorporating carbon impact into claims can turn moments of loss into long-term impact.
Pet insurance risks a Consumer Duty reckoning
As pandemic-era pets age and claims costs increase, James Daley, founder and managing director of Fairer Finance, warns many owners are set to discover their policies offer far less protection than they expected.
Why insurers need to talk about garden design
Editor’s View: Following a visit to Chelsea Flower Show to admire Flood Re’s Contain the Rain garden, Emma Ann Hughes reflects on why insurers need to talk more about gardens, drainage and flood resilience.
Are first edition children’s books an insurance risk?
Emma Myrie, lead underwriter at specialist home insurer Homeprotect, warns that valuable children’s book collections are an often-overlooked contents risk that could leave policyholders underinsured.
Q&A: Mark Rose and Luke Anyon, Tracker
Mark Rose, managing director, and Luke Anyon, sales director of Tracker, explain how their multi-layered technology and close collaboration with insurers and police are helping recover stolen vehicles at scale – and why wider adoption could significantly reduce claims costs.
FCA outlines how insurers must up their claims game
The Financial Conduct Authority has warned insurers they must improve claims handling standards and consumer understanding of cover following concerns raised in the Which? super-complaint into home and travel insurance.
Moody’s predicts slow and uneven AI impact for insurers
Artificial intelligence’s impact on the insurance sector will unfold gradually and be “credit-neutral to positive” for the industry, Brandan Holmes, vice president and senior credit officer at Moody's Ratings, has predicted.