Insurance Times Advent Calendar: James Daley

Every day for the festive period continuing until Christmas Eve, Insurance Times speaks to a selection of industry personalities about what they’d like to find under the tree.

1. What was your insurance industry highlight of 2024?

Matt Brewis’ statement that premium finance was a “tax on the poor” was a standout moment for me. It’s a truth that the industry has danced around for years, but we all know it’s accurate.

The FCA’s attention has already driven rates and commissions down in the sector.

Unfortunately, not everyone seemed to get the memo and now the industry is facing a full market study – not exactly the Christmas present they were hoping for.

Next year will be about making the case that this vital part of the sector shouldn’t be regulated into extinction.

2. What is your Christmas message for your insurance colleagues?

Get a good rest – 2025 is going to be a massive year for the general insurance market!

We have the government motor insurance taskforce, a review of GIPP regulations, a deep dive into home and motor claims processes, a new government financial inclusion workstream and the premium finance market study.

The industry needs to embrace this scrutiny and work collaboratively with regulators and governments. This is a chance to fix the foundations and rebuild trust in the sector.

3.  What do you hope to find under the industry’s Christmas tree for 2025?

Most of all, I want to see the various workstreams examining the sector deliver meaningful outcomes – not an enormous turkey!

I hope government and regulators tackle the tough questions head-on and use this opportunity as a once in a lifetime review of the industry.

Let’s aim for a future where people truly value insurance and trust their insurers.

I’d also love to see the industry take a proactive stance – leading the debate rather than reacting to it.