Post magazine – 24 April/1 May 2014

In this issue, Post reports on the Irish insurance market and how after a troubled period since the economic downturn, the Irish insurance market is attempting to seize the initiative in turning things around.

In the five years to the end of 2012, gross earned premiums contracted by almost 30%, with most major classes returning substantial losses and the casualty list of insurers in crisis growing. In an attempt to halt the slide, the Irish trade association, Insurance Ireland, commissioned PWC to produce a five‑year strategic plan for the sector, and an 86‑page report was published on 9 April.

In other news, outsourcer Quindell’s rebuttal of a research note by Gotham City, which sent its share price into freefall, has divided opinion, amid suggestions the outsourcer may struggle to prove defamation, with analysts urging the AIM-listed firm “to allay investors fears” ahead of its main listing; insurers have been warned to be vigilant in claims evaluation after national newspapers published advertisements urging victims of sexual abuse by former television presenter Jimmy Savile to claim for compensation; RSA UK and Western Europe chief executive Adrian Brown is likened to football superstar Cristiano Ronaldo as he signs for Arthur J Gallagher amid praise for his time at the insurer; and following a survey that shows carriers are failing to cope adequately with the more stringent regulatory approach, brokers warn insurers they should not use the compliance burden as an excuse for falling customer service levels.

Zurich Global Corporate's UK chief underwriting officer, Nick Major, is in the C-Suite. He observes how insurers and brokers are often too product driven in their approach to innovation, and suggests the best innovation is through insight, when
customer, broker and insurer work together to address the risks faced by an organisation.

The countdown to the 20th British Insurance Awards continues with a Q&A with 2012’s Achievement Award winner Peter Cullum. The industry veteran and Towergate founder talks about the challenges that have faced brokers in the past 20 years.

Callum Brodie meets Global Risk Partners CEO David Margrett, who welcomes the FCA’s hands-on approach to regulation as a boon to his firm’s ambitions, while this issue's In Series focuses on legacy systems and how firms need to make it simple for customers to manage their insurance needs via the medium that suits them best.

Enjoy the read!