InSure: round-up of developments affecting the insurance industry — November 2012
This month’s round-up of developments affecting the insurance industry sees: a new deputy chair appointed to the Council of Lloyd’s; an update on BIBA’s strategic review; ABI consideration points ahead of the gender-neutral insurance pricing ruling; an FSA update on the Remuneration Code — data collection; and BIBA demand more action from government in the forthcoming Autumn Statement.
The British Insurance Brokers’ Association (BIBA) has announced that it will review its Board governance, segmentation of membership and commercial activities. BIBA notes that around five or six workstreams are likely to be taken forward by the Board, which may include:
- Board governance and a review of committee structures and the creation of an Advisory Board or Boards to ensure all members have a voice.
- Strengthening of the Executive team.
- Clear segmentation of members to ensure relevance of BIBA’s representation and service delivery.
- Having ‘one voice’ in the general insurance sector by working with organisations such as ABI, LIIBA, MGAA, Lloyd’s and CII.
- A review of BIBA’s commercial activities to improve income on an open transparent and fair basis.
- The creation of a principles based Code of Conduct for member companies which will be a compulsory element of BIBA membership…
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Briefings from Addleshaw Goddard
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on new legislation and consultations.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.