Throwback Thursday: Entering Europe; Fire damage

5 August 1971: Better off in Europe

British insurers should benefit from the UK’s entry to the European Economic Community, as opposed to the situation if the country kept out of it.

This was according to a study published by the private sector members of the Committee on Invisible Exports, which noted the need to conform in the future with harmonised insurance legislation could lead to “closer official supervision”.

The study’s findings came after Sir Paul Chambers, chairman of Royal [now Intact], Sir Henry Mance, chairman of Lloyd’s, and John Roscoe, chairman of Willis, signed a full-page advertisement in The Times advocating British membership of the common market.

The UK officially left the European Union on 31 January 2020.

Record half-year for fire damage

Fire damage was estimated by the British Insurance Association to have cost £62m in the UK during the first half of 1971.

The largest fire during the month of June was in the Midlands, damaging a printing works and food packaging warehouse at an estimated cost of more than £750,000.

Once again, no lithium-ion batteries or air fryers to fear in 1971.