London insurance market is “resilient” to Brexit impact says underwriting body
The insurance industry continues to react to news that the UK has voted to leave the European Union.
The International Underwriting Association has responded to the result by saying that the London insurance market is “resilient and well-placed to respond to the result of the referendum.”
It says that insurers have been preparing for the possibility of Brexit and will now consider how to adapt their business models accordingly. It also highlights that the industry, along with the wider financial services sector, must be part of the negotiations of terms on which the UK leaves the EU.
“The free trade benefits of EU membership have been vital in maintaining London’s position as a global insurance hub and are highly valued by IUA members. This is true both for insurers headquartered in the UK and those international firms that use London as their centre for European business,” commented Dave Matcham, the IUA’s chief executive.
He added: “The IUA’s own research shows that more than 20 per cent of our members’ premium income comes from continental European markets. Insurance is almost by definition an international business and in order for it to operate efficiently regulatory developments are pursued at an international level.”
Chubb announces extension of water leaks protection
Chubb has announced the extension of its water damage defense services that help homeowners to protect their homes from water leaks.
"Homeowners often don't realize the extent of damage that can stem from a relatively minor leak. A plumbing issue, like a washing machine hose bursting, can flood a home, and if unchecked, cause floors to buckle, furniture veneers and wallpaper to peel, and sheetrock and upholstered furniture to be destroyed. If not cleaned up quickly and correctly, this may even result in a serious mold outbreak," said Maria Cordeiro, Assistant Vice President, Client Services Manager, Chubb Personal Risk Services.
It means that all Chubb homeowner policyholders can buy a specified leak defense system with more than a third off the recommended price.
Pet insurance is popular employee benefit with millennials
Millennial workers may be spending Friday with their pets as the international Take Your Dog to Work Day takes place, and employers are keen to add pet insurance to worker’s benefits according to one major insurer.
Scott Lisles, chief pet insurance officer at Nationwide told Forbes.com that there is room for growth in the market for pet insurance as part of employee benefits with just 2 per cent of US pets insured now compared to 30 per cent in Sweden and 23 per cent in the UK.
“Since 65% of Americans own at least one pet, almost two-thirds of employees may be shouldering sizable veterinary costs,” Lisle said, noting that there could be a benefit for employers in attracting new hires and “help retain current pet-owning employees.”