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In this week’s issue, British Insurance Brokers’ Association chief executive Steve White warns that brokers must explain their services to customers, as a German transparency U-turn means a mandatory commission disclosure is likely.
“There’s still evidence that intermediaries are not as good at explaining their services as perhaps they could be, and customers in a number of cases don’t understand what services the broker is providing,” he says. “So there is work for brokers to do.”
In other news, market insiders warn broadened terrorism coverage could impact reinsurers, with major changes to coverage offered at renewal including extended hours clauses; Zurich begins its search for a new UK GI boss as Steve Lewis leaves to replace Adrian Brown at RSA; and the Association of British Insurers calls for clarity on the tangible returns expected from industry investment into infrastructure projects as it seeks to push for a 20‑year partnership with government.
Aviva UK Direct’s managing director Steve Treloar and Aon Risk Solutions UK’s chief operating officer Chris Lee-Smith are in the C-Suite. Treloar talks about how customer feedback is essential in insurance as it gives insight into consumers, but argues the industry is behind the game in publishing its findings. Meanwhile, Lee-Smith claims that despite a considerable amount of consolidation over the past year, the UK still has a very fragmented broker market. And with the Tour de France set for its Grand Depart in Yorkshire on 5 July, Langleys Solicitors’ Caroline Elson and Janice Oxley discuss the challenges and risks arising from the event.
Callum Brodie meets a well-travelled Nigel Minett, who has packed in a jet‑setting career in loss adjusting in favour of taking over the controls of an aviation specialist. The McLarens Aviation managing director talks about how his international experience will ensure the firm’s expansion plans really take off.
We finish our celebration of 20 years of the British Insurance Awards, which take place next Wednesday with some photographs that we think best sum up the past two decades.
Finally, Katie Marriner takes a look at nanotechnology, asking whether a significant increase in its use – up from 54 consumer products in 2005 to 1628 today – is a positive advancement for insurers.
Enjoy the read!
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