News analysis: Insurer staff cuts spark broker concerns
Is the raft of recent redundancies at providers a coincidence or part of a larger trend in the industry?
A wave of redundancy announcements from the big insurers has hit the UK market lately, with Allianz, LV, Aviva, Ageas and Axa all getting ready to reduce headcounts.
Two clear trends have emerged, with job cuts being made in claims departments and as a result of regional branch closures. This has led to the question of how this seemingly never-ending stream of restructures will impact the broking sector.
“It’s hugely frustrating,” said JM Glendinning managing director, Nick Houghton. “Now all
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