Big names set to follow NIG's new business terms
Brokers have won their battle with insurers over risk transfer with Norwich Union (NU), AXA, Allianz Cornhill and Royal & SunAlliance (R&SA) believed to be following NIG in accepting risk transfer.
NIG's new terms of business agreements will state that premiums received are to be held by the broker as agent of NIG.
A source said that several insurers had planned a joint announcement about their decision to accept risk transfer "but NIG broke ranks by announcing its plans first".
NU, AXA, R&SA and Allianz Cornhill are believed to be among the insurers reconsidering their position on risk transfer.
ABI head of market regulation Chris Hannant confirmed that several insurer members of the ABI's distribution committee had changed their stance, but declined to name them.
"Plans are advancing and some are moving that way," he said.
Hannant said that if a majority of insurers agree to risk transfer it was likely that other companies would follow. "The market will head in one direction," he said.
But one insurance executive warned that insurers would scrutinise brokers' accounts and financial positions much more closely.
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