Market has risen to Insurance Act challenge, risk managers say

Insurance Act

Risk managers are satisfied that brokers and insurers are prepared for the Insurance Act, according to a member survey by UK risk managers’ association Airmic.

The survey, conducted two weeks before today’s implementation of the Act, found that 90% of risk managers felt their brokers were at least relatively prepared, and 85% felt the same way about their insurers.

Risk managers themselves also feel ready for the Act. The survey found 90% felt fully or relatively prepared. This is an improvement from September 2015, when an Airmic poll found only half of the sample of members surveyed felt ready for the new law.

Airmic chief executive John Hurrell said: “The new law represents a fundamental change in how insurers and buyers do business and the amount of work and cooperation required cannot be understated. Our survey results are therefore extremely encouraging: the whole market should be congratulated on coming this far.”