Monthly Insurance Update
By Helen Hall
The insurance industry is experiencing unprecedented changes. Over the past year, three major players in the insurance broking market have ceased operations for Private Client new and renewal business.
In my 30+ years in the industry, I have never witnessed such a significant shift. The departure of these companies has left the market inundated with requests for new quotes and backlogs, as brokers scramble to find new homes for high net worth policies.
How Could This Affect You?
If you were insured with Horizon, Home & Legacy, or Groves John Westrup, you are likely aware that you will need a new insurer next year. You may have already been transitioned to another company, possibly at an increased annual premium.
Impact on the Industry
These three companies specialised in offering premiums in the £2,000 to £5,000 range. Their exit has heightened demand among the remaining companies, which struggled to compete with these premiums. Consequently, you might face an increase in your policy renewal costs due to limited availability.
Our Strategy to Combat This
We proactively plan and collaborate with our strategic partners to secure quotes well in advance. By the time we discuss options with our clients, we are already ahead of the game and know where to place their business. We have access to a robust suite of insurers within the £2,000 to £5,000 premium range, ensuring we can offer our clients a variety of options in ample time for renewal decisions.
How We Can Help
If your current insurer is exiting the broker market, contact LIFT-Insurance today. We will conduct a thorough review, identify any potential coverage gaps or onerous terms, and approach our expert panel of insurance companies to secure a competitive quote for you.
This blog post is for informational purposes only and does not constitute financial advice. Please consult with a qualified insurance professional for advice tailored to your specific circumstances.