Dearth of insurer clarity leaves brokers in a tight spot
The Consumer Insurance Act is less than a month old but already broker alarm bells have begun ringing.
In the space of a few days the British Insurance Brokers' Association (Biba) and compliance consultancy UKGI have both warned about the perils of brokers being exposed to increased liability claims.
Essentially, the new Act will serve to shift profoundly the balance of power between insurers and their clients, leaving brokers caught up in the middle of this change.
Customers are no longer duty bound to volunteer all the necessary information on quotation. Instead the onus is on brokers to
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Biba Conference 2024 countdown: Allianz’s Serge Raffard and Nadia Côté
Serge Raffard, MD of Allianz Personal, and Nadia Côté, MD of Allianz Commercial, reflect on what it’s like being one big family following the LV rebrand, rebuilding the Eiffel Tower sustainably on their stand and taking stock when the dust settles.
Acrisure expands in Scotland with WH&R McCartney buy
Acrisure has added to its reach in Scotland snapping up Motherwell-based WH&R McCartney.
Konsileo launches academy and grows peer-to-peer learning
Konsileo has launched Konsileo Academy with four content pillars and expanded its peer-to-peer learning.
Ex-Towergate leader Simon Trott joins travel specialist Ancile
Travel insurance broker Ancile Insurance Group has appointed former Towergate Direct boss Simon Trott as CEO.
Brokers push for more from RSA/NIG
Brokers have given a mixed report on communication levels around the RSA and NIG deal but with the process kicking forwards today have expressed the hope the takeover will make more products available.
Biba Conference 2024 countdown: Commercial Express’ Duncan Pritchard
With the 2024 British Insurance Brokers’ Association conference soon upon us, Duncan Pritchard, managing director of Commercial Express, looks forward to productive conversations, and dreams of David Attenborough closing a future event.
Hug Hub extranet offering sold to Endeavour Ventures
Endeavour Ventures has bought Hug Hub’s commercial lines focused digital quote platform, Extranet Hub, Insurance Age can reveal.
Biba Conference 2024 countdown: Abacus’ Richard Burgess
With the Biba Conference on the horizon, Richard Burgess, CEO of Abacus, explains he has never had time to see a guest speaker and why he prefers Audible to Oasis.
Most read
- Wakam receives PRA approval for new £500m GWP UK insurer
- Brokers push for more from RSA/NIG
- Aviva’s David Martin on the art of the possible