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Another Insurance Market to Go!
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Author:  2 Jobs [ Tue Nov 06, 2012 4:54 pm ]
Post subject:  Another Insurance Market to Go!
From www.insurancetimes.co.uk

Ecclesiastical underwrite the taxi scheme for South essex Insurance brokers.

Insurer working closely with brokers as it runs off fleet business

Ecclesiastical Insurance has become the latest insurer to announce it is pulling out of the UK broker motor market, Insurance Times can confirm.

The insurer will withdraw from motor across its Ecclesiastical and Ansvar brands early next year following a strategic review of its UK motor business.


The withdrawal with affect Ecclesiastical’s fleet and motor schemes books.

Ecclesiastical said it would work closely with brokers to manage their existing motor schemes and the run-off of its fleet business.

RSA pulled out of the UK mid-market motor trade market in September and stopped writing new business with immediate effect, with managing director of UK commercial Jon Hancock citing tough market conditions and poor results as the reason.

Ecclesiastical’s UK business managing director Steve Wood said: “Our real strength as a business lies in underwriting where we have a clear competitive advantage and can deliver sustainable returns. Unfortunately, the UK broker motor market isn’t one of these sectors for us. It is difficult for any insurer to make a profit.

“We will be talking to those brokers who have supported us over the years on fleet and schemes business about how we manage the exit over the coming months.

“The withdrawal from the broker motor market is a big decision for us, but it is the right decision. We remain financially strong and have seen positive growth in our core business areas over the last few years. The steps we have taken in 2012, including this decision to withdraw from the broker motor market, will strengthen our business even further and help us to focus on sectors where we can sustain a strong underwriting performance.”
Author:  wannabeeahack [ Tue Nov 06, 2012 9:49 pm ]
Post subject:  Re: Another Insurance Market to Go!
Great, less competition means higher premiums all round
Author:  townhalltaxis [ Wed Nov 07, 2012 1:53 pm ]
Post subject:  Re: Another Insurance Market to Go!
This is down to the compensation culture. This culture needs to be stopped otherwise we will all be out of business due to insurance costs. If we had a government that had a pair of balls they would cap most motor insurance claims and solicitors fees. Also every claim over a certain amount should be Fully investigated and maybe background checks done before any payout. Our insurance jumped up from 8k to 13k with Tradex and that's with full no claims on the fleet.
Author:  grandad [ Wed Nov 07, 2012 4:08 pm ]
Post subject:  Re: Another Insurance Market to Go!
townhalltaxis wrote:
Our insurance jumped up from 8k to 13k with Tradex and that's with full no claims on the fleet.

You get no claims on a fleet policy?
Author:  wannabeeahack [ Thu Nov 08, 2012 10:46 am ]
Post subject:  Re: Another Insurance Market to Go!
grandad wrote:
townhalltaxis wrote:
Our insurance jumped up from 8k to 13k with Tradex and that's with full no claims on the fleet.

You get no claims on a fleet policy?


you dont....... :badgrin: :badgrin: :badgrin: :badgrin: :badgrin:
Author:  grandad [ Thu Nov 08, 2012 1:03 pm ]
Post subject:  Re: Another Insurance Market to Go!
wannabeeahack wrote:
grandad wrote:
townhalltaxis wrote:
Our insurance jumped up from 8k to 13k with Tradex and that's with full no claims on the fleet.

You get no claims on a fleet policy?


you dont....... :badgrin: :badgrin: :badgrin: :badgrin: :badgrin:

Never have. I get a claims history report which details any claims and this is sent to the insurers and they then offer a price per vehicle.
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