Halloween horror stories haunting insurers

The most terrifying tales facing the industry aren’t found in haunted houses or ghost stories this Halloween.

Here are three cautionary tales that should send a shiver down the spine of every insurer.

1. Curse of the Super-complaint

The rustle in the attic? Probably just the wind. Clanking in the cellar? Nothing to worry about.

Which’s super-complaint accusing the regulator of failing to tackle persistent problems in the home and travel insurance markets? Surely a distant noise that will fade if ignored?

Regardless of whether the Financial Conduct Authority acts, super-complaints harm insurers’ reputations.

Smart insurers are already kicking the tires of their operations, reviewing pricing structures and engaging with consumer bodies before the super-complaint or the long arm of the FCA’s Consumer Duty reaches out from under their beds and drags them under.

2. Invisible Choice

In a market that once bustled with choice slowly the doors are beginning to close.

One acquisition by Ageas here, a mega merger between Aviva and Direct Line Group there, and before long, consumers could be left wandering a corridor with far fewer doors they can walk through.

Market consolidation undoubtedly has benefits – scale, capital strength, efficiency – but we need to be wary that it could also result in reduced competition leaving consumers feeling trapped.

A market that forgets the importance of choice risks becoming a haunted house.

3) Puppet masters

The third tale is about reputation and certain PRs in this industry trying to control the narrative.

It starts innocently enough: a request to see a quote before publication, a polite suggestion that a spokesperson’s comments might need “tweaking” to make them sound better, but before long the line between journalism and advertorial could blur.

At Insurance Post, we are proud to ask tough questions, report without fear or favour, and amplify the authentic voices of the sector rather than trot out sanitised, spin-doctored versions of them that say nothing at all.

Trying to control or rewrite our award-winning stories risks undermining that independence and, ultimately, the credibility of the insurance industry itself.

Readers deserve unfiltered insights, not polished PR spin.

Insurers that embrace open, honest dialogue will always fare better than those who try to control every word.

Attempting to puppet-master the press can backfire spectacularly.

Final fright

What is the scariest thing about these stories? They’re not fiction. They’re unfolding right now in meeting rooms, press offices and conference halls across the industry.

I know it is Halloween, but I don’t want you to have nightmares, so please remember that none of these issues are insurmountable or outcomes inevitable. Awareness, vigilance and action will save the day and ensure the House of Insurance stands strong for centuries to come.