Underinsurance
Broking Success: Celebrating 50 years of independence
Having celebrated its 50th anniversary as an independent broker, R A Cowen & Partners, which is part of Cowens Group, has no plans to sell up any time soon. CEO Paul Chaplin sets out the philosophy behind the business and shares his route into broking.
My Perfect Broker Week: WTW’s Dave Fletcher
To tie in with the first-ever UK Broker Week, we asked our speakers to outline what their perfect working week would look like. Dave Fletcher, regional director Wales & West, WTW outlines his thoughts.
Interview: Jacqui Kelly, Zurich
Jacqui Kelly was the architect behind Zurich’s new Club Blue proposition that offers a wide range of broker support. Appointed interim sales and distribution director last month, she tells Insurance Age how Zurich’s ‘winning culture’ will sway brokers.
Meeting the challenge of avoiding underinsurance in HNW properties
Amid inflation and irregular surveying, high-net-worth buildings are potentially more at risk of underinsurance than ever before. Helena Evans, managing director at Criterion Adjusters, outlines how brokers can help clients to reduce this risk.
Tech entrepreneur launches kit to combat HNW fraud and underinsurance
Tech entrepreneur Jonathan Garnett has gone live with a system to help insurance firms combat fraud and underinsurance in high-net-worth assets.
PRA warns insurers on claims inflation and under-reserving
The Prudential Regulation Authority has written to insurers flagging the need to monitor the hit to reserves from ongoing claims inflation and act accordingly.
Intelligent AI platform targets closing commercial property underinsurance gap
InsurTech Intelligent AI has launched its Intelligent Rebuild Cost Validation Platform, designed to address the long-standing challenge of underinsurance in the commercial property market.
HNW underinsurance an increasing concern for brokers
Research by Ecclesiastical has revealed that a growing number of brokers believe there is a problem with underinsurance in the high-net-worth market.
Blog: Homing in on high-net-worth claims
Quality service, especially for claims, should not be lost in any efficiency drive when it comes to expansion in the high-net-worth space, warns Simon Loerns, director of specialist services at Woodgate & Clark loss adjusters.
FCA survey data tracks 13% of consumers cut back on insurance due to cost-of-living crisis
More than six million people cut or cancelled insurance cover in the six months to January 2023 to save money in the cost-of-living crisis, the Financial Conduct Authority has calculated.
Meet the MGA: NBS Underwriting
NBS has doubled the number of agents it works with over the past 12 months. CEO Stan Kaznowski explains how both making ‘brokers’ lives easy’ and getting ahead of the curve with data have been key to the company’s success.
Profile: A new lens – and an eye for opportunity
With a laser-like focus on growth, Zurich retail boss David Nichols is keen to bring a new lens to the insurer’s offering and deliver for brokers.
Allianz to help brokers with underinsurance concerns
Brokers are requesting additional insurer support on valuations of businesses including SMEs according to director of digital trading at Allianz UK, Helen Bryant.
Policy Expert focuses on customer retention as top priority
Policy Expert’s COO Adam Powell has stressed that customer retention is its top priority in 2023, as it continues to focus on its organic growth.
Chaucer warns on underinsurance with construction costs at record highs
With rebuild costs 10.4% higher than a year ago, an average property insurance policy set to cover £1m could now be short for the full rebuild value, Chaucer has warned.
In depth: How to reduce underinsurance through effective risk management
Underinsurance continues to be a massive problem. Martin Friel looks at how risk management could help brokers combat this growing trend with benefits for all.
Opinion: Limited or unreliable information can lead to underinsurance
Brokers need to work with policyholders to push for better quality and more frequent surveys to combat underinsurance, argues Paul Mayer, valuations manager at Sedgwick.
Brokers upbeat on growth but underinsurance concerns persist – Aviva research
Brokers are markedly more optimistic on growth, with 76% expecting their business to expand in 2023, up from 43% that had a positive outlook in 2022, according to Aviva.
Allianz reveals £32m December freeze hit and CEO Holmes predicts rate hikes to continue
Allianz Holding has revealed the impact of the winter weather on its bottom line, as CEO Colm Holmes forecast that the Q3 and Q4 rating hikes would continue into 2023.
Operating profit falls almost 60% at Allianz Holdings in 2022
Allianz Holdings has posted a 58.3% drop in operating profit to £132.3m for 2022 as its combined operating ratio deteriorated year on year from 93.2% to 99.2%.
Biba reveals ‘Managing Risk – Delivering Stability’ theme for 2023 manifesto
The British Insurance Brokers’ Association has set out its agenda for 2023 with the launch of its manifesto titled ‘Managing Risk – Delivering Stability’ containing 37 commitments and 32 calls to action.
Only 14% of smaller SMEs have business continuity plans: Aviva
Aviva has urged brokers to keep having the conversations needed with clients on business continuity plans as the insurer revealed only 28% of firms have one in place.
Lawyers urge brokers to be vigilant about their own E&O
Law firm RPC has warned brokers to be vigilant about their own errors and omissions, and to stay on top of documentation against a backdrop of customers potentially opting for cheaper, but less protective insurance, in the cost-of-living crisis.
Loadsure boosts freight offering with Tokio Marine Kiln capacity backing
Loadsure has received capacity backing from Tokio Marine Kiln to enhance its freight protection offering.