Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • News

COVID-19 has damaged insurers' reputation, say two-thirds of brokers

Open-access content Tuesday 16th June 2020

iStock-1129807923.jpg

Two-thirds of UK insurance brokers believe that the industry's reputation has been damaged during the COVID-19 crisis, a recent survey has uncovered.

These brokers said that the profession has not reacted well to ensure consumers and businesses have the cover needed to navigate the pandemic.

Moreover, nearly all of the brokers polled agreed that all wording in insurance policies needs urgent review as a result of COVID-19.

Significantly more had trouble with wordings from Lloyd's of London and the London Market than other markets, with policies around unoccupied premises a particular point of concern.

FWD Research, which carried out the survey, heard brokers say that the industry was “deadly silent” in the first two weeks of the crisis, and that its needs to be “more proactive” in guiding them in terms of legislation.

This comes after the Federation of European Risk Management Associations (FERMA) warned of  a “severe shortage” of business interruption insurance in cases of catastrophic risks.

The latest survey found that nearly all brokers believe that business interruption cover is important to their book of business, with this increasingly critical across larger brokerages

Despite various concerns with the industry, the survey also found that commercial brokers have increasingly gained confidence in their companies' future during the COVID-19 crisis.

Only 1% of brokers have had to make redundancies, while a third of brokerages have put staff on furlough.

“However, when it comes to long-term outlook, there were a number of ongoing concerns over the success of some of their customer groups,” said FWD Research senior research director Simon Staplehurst. 

“Particularly across some micro and small SMEs and their own jobs, with a quarter of brokers feeling uncertain about job security.

“Business confidence for the long term focused more on business survival rather than anything else, particularly as brokers predict that they could lose nearly a quarter of their new business gross written premium this year.”

 

Author: Chris Seekings

Image credit: iStock

 

Also filed in:
News
Topics:
Risk & ERM
General Insurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ