11 August 2016 Insurance

Over 90% of risk managers welcome Insurance Act 2015: Airmic

More than 90 percent of risk managers and insurance buyers welcome the introduction of the Insurance Act 2015, which comes into force today (Friday August 12), according to a survey by Airmic, the association that represents corporate risk managers and insurance buyers.

Policyholders, brokers and insurers are well prepared for the implementation of the Act and satisfaction with the readiness of the wider market was equally high with 90 percent feeling that their brokers are at least relatively well prepared.

The survey shows how things have changed in a year. When surveyed about the Insurance Act in September 2015, only half of a sample of Airmic members said they felt prepared for the new law.

John Hurrell, chief executive officer of Airmic, said: “The new law represents a fundamental change in how insurers and buyers do business and the amount of work and cooperation required cannot be understated. Our survey results are therefore extremely encouraging: the whole market should be congratulated on coming this far.

“The Insurance Act is about more than changing procedures, it’s a change in culture and this can only develop over time.

“It will be a while before we see the effects of the Act filter through and we therefore urge insurers, policyholders and buyers to continue to work together and to communicate feedback as openly as possible.”

The Insurance Act will update the Marine Insurance Act, a measure that has provided the outlines for all commercial insurance bought in the UK for over a century.

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