This month: That sinking feeling
We may have enjoyed plenty of sunshine this summer, but spare a thought for the insurers. The ABI this week reported a record-breaking surge in subsidence claims.
The third quarter of 2018 saw a 350% surge in subsidence claims - the highest since records began 25 years ago. Crawford and Sedgwick both saw subsidence claims jump more than 300%.
The surge comes as a result of the long period of hot and dry weather felt across the UK this summer. This caused the ground beneath many homes to lose moisture and shrink which lead to structural damage above ground.
Taking a closer look into the news this week, the government launched a call for evidence ahead of a review of the current discount rate following the progress on the Civil Liability Bill. GRP is on the lookout for regional brokers in Essex and the Midlands as it plans to add two more regional hubs next year.
Elsewhere, we saw Aviva’s launch of Aviva Plus, a platform said to re-invent insurance and address the dual pricing issue. We saw Brightside dismiss the two long-running lawsuits. Jersey Mutual Insurance Society is being investigated after suspicious accounting practices were discovered.
In M&A, Gallagher makes its fourth acquisition of the year with Devon-based commercial insurance broker Pavey Group. Broker network partner, Finch Group bought Southampton-based broker SIA.
In people moves, Brokerslink CEO Jacqueline Legrand steps down less than a year in the post to take on a new role based in New York. Brightside is on the hunt for its new COO with the departure of David Sweeney.
In other news, Gallagher opens its new Eastern regional office in Ipswich following its revenue boost in the last four years.
In our analyses, we look at how the most favoured nation clauses begin to bite back on price comparison sites. We also took a dive into why Arron Banks is under the spotlight again with fresh allegations and appeals. In our features, we explored tackling intangible risks.
Our roundtable this month, looked at how the insurance industry should remain vigilant to disruptors and data giants like Google and Amazon.
Our content director, Jonathan Swift spoke to Shaun Lynn and Steve Hearn, from BGC and Ed on investment in technology, talent, globalisation and acquisition strategy. In our feature, we explored the need to standardise cyber policy terms.
Finally, don’t out miss out on our blog on why you should get involved with The Claims Apprentice in 2019.
Enjoy the read!
That’s all for this month!
Jipsa George, reporter
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