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1 week ago | 
insurancetimes.co.uk | Matt Scott
Insurance DataLab shares exclusive insights from its not yet published Broker Performance Report 2025, revealing the podium level firms that have obtained one of its coveted gold awardsThe UK broking sector has continued to perform strongly, building on recent momentum and proving its ability to adapt and thrive in a constantly shifting landscape.
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2 weeks ago | 
insurancetimes.co.uk | Matt Scott
As a clue, it is not technology that is hampering creative innovation and new ideas in the UK general insurance industryWhen questioning the roadblocks that hamper industry-wide innovation, the insurance sector often points the finger at legacy systems, complex regulations and expensive transformation projects.
These are undoubtedly challenges. But they are not the real reason that innovation continues to lag behind customer expectations regarding UK general insurance (UKGI).
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2 weeks ago | 
insurancetimes.co.uk | Matt Scott
‘If you’re an individual and you’re an underwriter, then you’re in a really good place at the moment because lots of people are wanting your services and they are paying very well for it,’ says managing directorThe insurance industry is grappling with a persistent talent shortage.
While this challenge is not new, the underlying causes – and potential solutions – are evolving rapidly.
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3 weeks ago | 
insurancetimes.co.uk | Matt Scott
Brokers are no longer just insurance distributors – they’re becoming product architects, reshaping policies to meet the real-world needs of clients. But what’s driving this shift and what does it mean for the future of broking? The traditional role of insurance brokers – matching off-the-shelf policies to customer needs – is undergoing a quiet revolution.
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1 month ago | 
insurancetimes.co.uk | Matt Scott
A five-year review of ombudsman complaints data reveals motor insurance continues to dominate complaints volumes, while travel insurance has the highest upheld rate of the major business linesNearly 200,000 insurance complaints have been referred to the Financial Ombudsman Service (FOS) over the last five years – a figure that lays bare the scale of consumer dissatisfaction still facing the insurance industry.
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1 month ago | 
insurancetimes.co.uk | Matt Scott
The cost of regulation in the UK has never been higher, so how are brokers navigating a more arduous landscape? The UK broking sector is facing unprecedented regulatory pressures, particularly with the introduction of Consumer Duty and fair value assessments significantly increasing compliance obligations.
The purpose behind these regulations is to improve customer outcomes and deliver greater value for policyholders.
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2 months ago | 
insurancetimes.co.uk | Matt Scott
Shareholders have approved Aviva’s £3.7bn takeover of DLG, and the deal looks set for completion in mid-2025, but what does the acquisition mean for the two businesses? And how will it impact the wider market? It was arguably the biggest news of 2024, breaking just before Christmas on 6 December 2024 and rippling round the market as everyone was finishing off their shopping.
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2 months ago | 
insurancetimes.co.uk | Matt Scott
The insurer and broker sectors both recorded standout acquisition volume and values last year – however, industry experts do not see the same trends for 2025, with January providing the lowest monthly M&A completion figure since 2017A record-breaking wave of M&A has reshaped the UK insurance market over the past year, with the broking and insurer sectors undergoing significant consolidation to alter market dynamics.
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Feb 13, 2025 | 
insurancetimes.co.uk | Matt Scott
Refinancing is fast becoming a more central pillar of a broker’s operations, used as a tool to navigate soft market conditions, enable M&A or to facilitate strategic action plans Debt has always been a key part of the UK general insurance (UKGI) broking arena, with average debt levels currently standing at more than 35 times earnings before interest, taxes, depreciation and amortisation (ebitda), according to the latest analysis of broker financial accounts by market intelligence firm...
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Jan 31, 2025 | 
insurancetimes.co.uk | Matt Scott
‘The lack of standardised pricing’ in the pet insurance market ‘makes it difficult for insurers to forecast claims and for customers to understand costs’, says new trade association founderPet insurance, once seen as a niche product, has become a major business line in UK general insurance, spearheaded by pet ownership – and the cost to owners of looking after those pets – rising dramatically in recent years.
