Insurance plays as pivotal a role in society in the twenty-first century as it did when Winston Churchill gave his famous “upon the door of every cottage and the blotting book of every public man” speech in 1909.
Now, as then, we rely on insurance for so many aspects of our lives. We rely on it to protect our homes and loved ones, and secure our possessions. We rely on it to give us peace of mind while travelling, be it down the road in our car, or across the globe. Hence the importance of building public confidence in the
general insurance market.
The insurance industry has made major strides, collectively as a sector and individually as firms, to improve standards – as demonstrated by the Aldermanbury Declaration in 2010. But, the PPI mis-selling and collateral damage from the banking crisis have challenged public confidence. This report sets out some of the challenges in our market. We asked a series of contributors to describe some of the issues the sector faces. These contributions range across stakeholders in the insurance landscape, including the regulator, firms, trade and consumer groups, politicians and commentators. It seeks to examine the issues and stimulate thinking about solutions that lead to better outcomes for customers and the insurance profession.
The insurance sector faces a choice. It can adopt a reactive approach to the issues it faces, or it can respond with vigour and enthusiasm towards finding solutions. The insurance profession has demonstrated with initiatives like the Aldermanbury Declaration and commitment to Chartered status that it can lead by improving standards and culture for the betterment of the sector, consumers and the wider public interest.
You can download the report here:
