The jury’s out for brokers when it comes to assessing the impact of a Brexit. This is according to a quarterly poll of brokers from insurance and risk law firm, BLM. It says 42% believe a Brexit would have no impact on insurance buying habits, while 40% think it would. A further 18% are unsure.

Helen Devery, partner and head of the broker sector at BLM said the risks or benefits associated with a potential Brexit are a hot topic for brokers across the UK. “Some experts – including Lloyd’s – have warned that a ‘leave’ vote will result in uncertainty and a weaker position for insurers and European rivals operating in London,” Devery commented. “What the Broker Pulse shows is that this community is split on what impact – if any – a British exit would have on insurance buying.

BLM’s quarterly poll of brokers also highlighted a lack of knowledge around the Enterprise Bill and its impact on late insurance payments; just 52% aware of the details around this new legislation.

Devery continued: “The Enterprise Bill has now been enacted affecting policies incepted from 4 May 2017. This means all claims must be paid ‘within a reasonable time’, and failure to do so could lead to compensation for any resulting loss. Savvy brokers are getting their houses in order now, ensuring they are prepared before the Act comes into force.”

The poll also found 58% of respondents unaware of the impact of the upcoming EU General Data Protection Regulation, which will bring revised and increased powers and functions of EU data protection regulators and higher levels of fines; and 73% are unsure of the impact that the rising use of drones will have, such as liability and coverage issues around personal injury, invasion of privacy, aerial surveillance and data collection.


NEED TO KNOW: Enterprise Act

More on the Brexit here

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