The national riots give the industry a chance to restore its reputation, broker chief executives said.

“People forget what insurance is about sometimes. It’s for times like these,” said Ataraxia chief executive Stuart Randall.

“This is a chance for the industry to restore its credibility.”

Bluefin chief executive Stuart Reid said the first priority of brokers should be to help their customers, but agreed it was a chance for the industry to prove its worth in the long run.

Reid said: “It’s time for brokers and insurers to prove the value of insurance.”