British Insurance Brokers Association (Biba) president George Nixon has warned that premiums may rise as insurers struggle to pay for the collapse of Independent Insurance.
Insurers have just been asked by the Association of British Insurers to pay a levy to cover the compensation owed following the provisional liquidation of Chester Street Insurance.
Nixon said another levy was likely to be set to cover Independent.
“I don't imagine they're just going to take the added costs without trying to do something about their premiums,” Nixon warned.
“Brokers will have to ensure their clients' interests are taken care of if that's the case.”
