PB Week: Wagons, wheels and automobiles
With the winter rapidly encroaching, and out editor Andrew sunning himself in Spain, there was the possibility of a degree of depression and envy sneaking in at PB towers this week. However, with a visit from Provident, a new product from Hiscox and a jaunt to Leeds I have found plenty to distract me from the English weather, writes Katherine Brandon, reporter of Professional Broking.
Last night I took a ride in an old Bentley “Blower” with Austyn Tusler, head of private clients division Hiscox, at the launch of their new luxury motor insurance offering. Apparently with the credit crunch now in full swing Hiscox is seeing some interesting alternative investments amongst its high-net-worth clients avoiding the traditional investments in property and the stock market. Collections Hiscox has been approached to insure ranged from more conservative options such as classic cars and fine wines, to the outright bizarre including a valuable collection of Barbie dolls.
This got me wondering what the strangest high-net-worth client item is that has been successfully insured, if you have had anything weird and wonderful cross your desk then please let me know at the usual address (katherine.brandon@incisivemedia.com)
Provident
On Tuesday I managed to catch up with Mike Smith, director at Provident Insurance who says business is going well and projected growth of almost 100% for the next couple of years. After highlighting Provident as “typically tight Yorkshire folk”, we got onto the potentially even more controversial topic of the spread of a “where there’s blame there’s a claim” culture and the increase in motor claims in the UK over a bottle of wine. Conversation soon spread to the recent case of a customer suing McDonalds after spilling hot coffee on their lap: “Thankfully we don’t take any of that nonsense over here, but some day it will come over here as we already have a ‘if something happens to me its never my fault’ philosophy,” he warned us.
Out and about
On a jaunt to Leeds I was lucky enough to catch up with Brian Denney of Denney O’Hara, who at 75 is one of the oldest managers still actively running a broker business in the UK. Brian, however, is not tempted to retire any time soon as he believes the day to day running of his business is the secret to his happy life: “Many of my contemporaries who have retired are now wasting away whereas by keeping active I am as strong as ever. Keeping me away from home is also the secret to a happy marriage!” I am not sure Mrs Denney would agree.
And finally…
When speaking to Allianz’s Mihir Pandya (insurance fraud manager) about the fraud challenges surrounding the motor market on Friday, I was amused to learn of his upcoming claim to fame with an appearance on ITV’s “Fiddles, Cheats & Scams” programme which this week focuses on cars. For those who want to see Mihir state his piece the programme is on itv1 tonight (Thursday 11) at 9pm.
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