Building referral fee costs hit industry for ‘tens of millions of pounds’ – Insurance News Now

2011-11-02-post-inn-final-56

Post senior reporter Amy Ellis outlines this week's major general insurance stories including claims that referral fee costs that have escalated over the last two years to the point where they are now costing the industry tens of millions of pounds a year.

The debate over loss adjusters turning to their supply chain to make up the shortfall as insurers drive down the price of traditional adjusting has once again be brought to the fore, with sources suggesting that at least £100m will have been added to claims in 2011 from referral fees.

In other news, a senior rating analyst has played down fears that other major European insurers could be on the end of downgrades in the wake of the European debt crisis; brokers are predicting XL will be the biggest player in the solicitors' professional indemnity market; and a campaign to secure a more cost-effective regulatory environment for thousands of brokers will form the basis of the merger between Biba and the IIB.

Keep up to date with all the latest news as it breaks at Postonline.co.uk.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe

You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.

Big Interview: Kevin Spencer, Markerstudy Group

In his first interview since the completion of the £1.2bn merger between Markerstudy and Ardonagh’s Atlanta Group, Kevin Spencer sits down with Scott McGee to talk through the process of completing the deal, and how it allows his business to overtake Admiral "within the next 18 months".

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Post account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here