“Whilst the market is still highly polarised around this type of coverage, in particular the extent of coverage that should be afforded, there is no doubt that it is not going away anytime soon,” he said. “The Lloyd’s market, historically, has always been at the forefront of coverage enhancements, enabled largely by the quota share model that facilitates the syndication of risk and promotes innovation, and London is certainly at the forefront of this coverage revolution.”
The complaints themselves are vague, often not even mentioning a single piece of advice, product or date. Instead, Barry said, the CMCs rely on the fact that the FOS has an ‘inquisitorial jurisdiction’ to expand any complaint referred to them. “Essentially, they know that the FOS will do the leg work for them,” he said. “Consequently, the CMCs do not respond to letters from professionals requesting clarification or more information, as they know that the FCA-mandated eight-week period before they can refer the matter to the FOS, is slowly ticking away.”
“We took the decision, very deliberately, when we moved into Clear’s offices, that we wouldn’t sit just as a team just because we were still trading separately to Clear and still needing to collaborate across all our functions. We decided that we’d sit our team members with their Clear counterparts. So, when we came to full integration in October 2024, those teams had already spent more than a year sitting alongside each other, which made the whole transition a lot smoother than it perhaps would have been otherwise.”
In the UK, vans travel nearly 58 billion miles each year, while heavy goods vehicles (HGVs) cover almost 17 billion miles. With such high usage, having insurance is not just essential—it’s legally required.
While governments, companies, and individuals are taking action on the protection gap, risk management has been inconsistent, Mantero said. He cited high population growth rates in catastrophe-prone areas in the United States, such as Florida, where Hurricane Ian dealt significant inland flooding and damage to communities in 2022. Florida was the fastest-growing state in the US that year according to US census data, with a 1.9% growth rate between 2021 and 2022.
Offering his insight, Tim Hardcastle, INSTANDA CEO and co-founder, noted that he has seen multiple different technology ‘waves’ throughout his career and that while the AI ‘wave’ is similar in many respects, there are some crucial differences. Take, for example, he said, the dot-com boom and, later the shift from on-prem to Cloud. Each of these advancements went through cycles, and it takes time for those cycles to wash through. That timing is largely impacted by two key elements – the physics and the economics.
Quayle said there is a renewed appetite for genuine entrepreneurialism, particularly on the underwriting side, but less so in the broker space. There has been a lot of movement on the broker side in recent months, he said, while on the underwriting side, private equity is proving that it loves the MGA model. “They deliver strong EBITDA numbers, which means you can service debt and service capital, and they continue to prove that if you can get to the right scale, the multiples are there.”
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As the world and, in particular, communication methods developed so did commercial and legal practices. Therefore, she said, there was a need to update the MIA 1906 to ensure that the law remained relevant to modern commercial practices and aligned with other key jurisdictions who were modernising their local insurance legislation to put more onus upon underwriters and less reliance upon the insured to feed information to the insurers.
The demand is there, whether for first-time buyers, home movers, or those remortgaging. The advisers who will thrive in this environment are the ones who educate their clients, anticipate changes, and offer the right financial products to guide them. Build trust now, and you’ll create long-term relationships.
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