Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 23rd of June 2018
August 7, 2007

Floods may enhance reputations

by Gill Montia

Story link: Floods may enhance reputations

NIG, the insurer that provides cover through a network of over 3,000 brokers, believes that the recent severe flooding across parts of the North and the South West of England will have a positive effect on the reputation of the UK insurance industry.

The firm surveyed its network members in late July and found that 45% believed that the insurance industry’s handling of the flooding would enhance its reputation.

By comparison, 28% believed that the industry’s reputation would be worsened by the deluge of claims and a further 22% predicted no change.

The survey revealed that 59% of brokers felt that a local presence in claims management was either ‘critical’ or ‘very important’.

In terms of the expected rise in household insurance premiums, 72% of brokers believe the public will be accepting of such increases, making it easier for them to sell higher priced policies both later this year and into 2008.

Meanwhile, the Association of British Insurers (ABI) is backing proposals to introduce a climate change bill that would result in regular reports being made to parliament on the threats posed by climate change.

The ABI believes that the new bill offers an opportunity to ensure government-wide action is taken to tackle the increased incidence of damage by flood, storm, subsidence and heatwave that climate change may bring.

 

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