Giving credit where it's due
The strained relationship between insurers and credit-hire organisations has put the agreed industry standard on rates in jeopardy. Now, insurers have turned to bilateral agreements with rival companies as a way to reduce costs but many argue that it is in the industry's interest to keep the General Terms of Agreement alive. This power hour looks into how to quell distrust in the market and whether an alternative partnership can exist between players
How has the relationship between insurers and credit-hire organisations (CHOs) come to this?
Roy: The cost to the industry has brought this problem to the fore. In a situation where 10% of each premium is being spent on credit-hire costs, it will be on the agenda of many chief executives.
Nicholas: The industry has been generalised in this instance but there are different types of providers - some good and some that are trying to push the limits. We should debate the principle behind the General
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