Let’s face it:
insurance isn’t a subject that mainstream news editors give much space to
normally. So, why is it all over the papers and across the TV channels at the
moment? Motor insurance hit the headlines on the back of a double digit rate
increase highlighted by the AA and the recent
report on personal injury claims by the Transport
Select Committee offered ample opportunity for follow up stories and
comment pieces. As have incidents like the one described by Hastings Direct recently concerning the conviction of
a 41-year-old teacher for insurance fraud. On a slightly different tack Churchill and Direct Line won’t have relished the
reports of record fines for complaints handling picked up by the national press
over the last few weeks.
As you might
expect the claims fraternity have added to the debate in the insurance press.
Liability adjusters Garwyn Group came down
solidly in support of the Prime Minister’s promise to tackle what he perceives
as a workplace compensation culture. The AA, in
response to the Transport Select Committee report mentioned above, went as far
as to say that “We must kill the compensation culture…”
Other subjects,
perhaps not so important to mainstream news gatherers, have also come to the
fore recently. Improved service by insurers is one and amply underlined by Jelf’s bi-annual insurer tracking survey. No survey
seems to be needed at Ageas who have reported
increased volumes of business across their operations and a further forecast
that suggests a healthy growth path will continue in 2012.
There is a slew
of product news with NIG announcing its entry
into the Events market and Travelers offering a
new Professional Indemnity product for the publishing and media sectors. Law Assist has revamped its Clinical Negligence
product and Compass has announced the
introduction of an all new ID Theft product. TEn,
offer a timely reminder that, in the rush to innovate products, face-to-face
access to underwriters should not be forgotten.
The SME sector,
important to so many brokers, seems to be very cautious about the future
according to a recent AXA survey. Add in the
soft market brokers are experiencing in the SME space and perhaps some will
decide it is time to call it a day. It might explain why Towergate is back on the acquisition trail.
There is always
plenty of news in Insurance
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