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UK brokers seek support from insurers

UK brokers have outlined a number of areas where the industry would need external support from insurers to help clients overcome the pandemic fallout.

These include providing a longer period of grace at renewal and leniency in underwriting approaches on risk changes, according to British Insurance Brokers Association (BIBA) CEO Steve White.

Extending the grace renewal period will allow for information to be collected from businesses or households affected by the lockdown, he wrote in an opinion piece published in the UK.

He said insurers have responded positively to the calls for support, which is encouraging for the industry as it continues to work through the challenges arising from the pandemic.

“Now really is the time to work collaboratively,” Mr White said. “BIBA members tell us that there are many areas where they currently need support and we are doing all we can to resolve some of these issues.

“We need to think laterally about giving clarity to those customers waiting to find out about claims or if they have the cover they need. Make quick decisions and perhaps signpost to other sources of help.”