A message from content director Saxon East with all the end of year news, insight and content round-ups
Content round-up and message from content director Saxon East
As the year draws to a close, it has been a busy period of news and insight from Insurance Times.
Content director Saxon East
Before we go into the round up of the all important news and insight, if you haven’t already, please take time to enjoy our digital edition of the Insurance Times Awards 2021.
The interactive video supplement has winners’ interviews, a photo gallery, citations from the judges and much more.
Onto the pressing issues for insurers as they enter next year, they are two fold: the looming price reforms and claims inflation.
This week we reported how the reforms will likely bring price volatility to home insurance.
In motor, insurers are grappling to solve the rises in motor claims inflation.
One reason behind the latest spike is the increasing number of accidents involving cyclists, which tend to be low in numbers but high in severity.
Cost inflation is soaring everywhere, with likely premiums rises in commercial property as material costs hit a record high.
On the broker front, one area for concern as we enter 2022 is remote working causing a rise in E&O claims.
Click here to view our brilliant and interactive digital edition of the Insurance Times awards 2021
The end of year has also seen two brokers reveal their ambitions.
Northern Ireland-based broker Dickson & Co made its second 2021 purchase and has more acquisition ambitions next year.
The biggest issue for brokers in 2021 is going to be, once again, the FCA pricing reforms.
Commercial lines brokers will have to implement ‘fair value’ for SME business.
The impact will be even more profound for persona lines brokers.
They will need to demonstrate ‘agility’ and ‘excellence in customer service’ if they are to flourish in the post-reform world.
Wishing you a Merry Xmas and New Year
That is all from the Insurance Times team. We thank all our readers and audience for continuing to engage in our content, awards and events.
We wish you a very happy Xmas and New Year.
See you in 2022!