This week in Post: Sun, scams and Brexit

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As we draw closer to the start of spring, the UK has seen unseasonably warm weather, with temperatures climbing into the double digits in recent days. But it’s not just the weather that’s heating up.

This week we reported insurance staff are also feeling the heat – working under the pressure of extremely short timelines to comply with new regulatory requirements, with employers being instructed to provide adequate training. Staff are overwhelmed by the increase of regulatory requirements for firms - with Insurance Europe citing it has created “a substantial rise in insurance employees’ workloads and stress levels”.

In analysis, we’ve discussed policy renewals and tenancy deposits. I can relate to the latter all too well, having encountered a problem myself at university with a student letting agency, where two of my housemates and I had to dispute charges totalling £1000. Luckily, we won our case as it was agreed by an independent adjudicator that we were provided with an outdated inventory at the start of our tenancy; so any blame for the upkeep of the property could not be pinned on us. But sometimes that’s just not the case and tenants risk losing out.

For some people, raising a deposit upfront can leave a strain on finances. So is taking out insurance a better alternative to the dreaded deposits for all parties concerned?

Also this week, the Finance Conduct Authority issued a warning over a clone firm, falsely claiming to be part of broker Protect Your Bubble. The message here is to beware as “scammers may give out other false details or mix these with some correct details of the registered firm.” Protect Your Bubble offers cover for gadgets and jewellery, however this fraudulent firm seems to be offering customers appliance cover instead. The regulator also gave the wholesale broker market a clean bill of health this week saying it had “not found evidence of significant levels of harm that merit the introduction of intrusive remedies”.

In other news, as we creep on towards March 29, it’s fair to say Brexit is on everyone’s minds.  Ageas UK CEO Andy Watson, told Post any “predictable impact” from Brexit on market premiums will probably result from claims inflation. This follows a similar caution from Allianz UK CEO, Jon Dye, who warned “desperate people do desperate things”, hinting that as a result of Brexit we can expect to see a rise in fraudulent claims .

With great sadness we reported this week the death of former Lloyd’s chairman Sir David Rowland. He will be remembered for many things but the insurance sector will always remember him as the man who brought back the Lloyd’s of London market from the brink of collapse in the 1990s. Sir David was also one of only 17 recipients of the Gold Medal for Services to Lloyd’s and the winner of the Achievement Award at the 1997 British Insurance Awards.

As I’ve come to learn in my first month of working at Post, 2019 sees a host of challenges and opportunities for the sector, whether it be advancements in artificial intelligence or evolving cyber threats. And I can safely say I’ve enjoyed my first month of working in the fast-paced world of insurance.

So, that’s all for this week - enjoy the sunny weekend ahead here. I’m off to buy a few more things for a friend’s hen-do next week in Barcelona.

Hiriyti Bairu
Commissioning editor
@HiriytiPost
 

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