Briefing: Why Covid will put broker schemes under pressure

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Schemes are at the heart of UK broking. But the Covid crisis, where many claims have arisen from schemes, will force insurers to take a renewed look at the way they set up and manage broker schemes.

Many of the business interruption claims are coming from schemes insurers set up with brokers. Once the crisis has subsided, insurers will take a renewed look at the way they set up and manage schemes. For brokers, already having had their paper cutback from Lloyd’s of London’s pull back from supporting UK retail, this could be a tricky time ahead. 

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