But another UK insurance market has also spoken: this one has severe doubts about its efficiency, its diversity, and its cultural and technological fitness to face the future.
DWF is delighted to bring you our future of insurance report, highlighting the results from our survey of insurance executives. Join us as we look into what the market is focusing on right now and scan the horizon to see what the market expects to be its focus in five years' time.
Our aim in commissioning the survey was to gain a clearer view of how insurance market participants envisage the evolution of their marketplace. The report reveals strongly held and clearly articulated views, but also apparently irreconcilable differences and some perplexing inconsistencies with widely reported trends.
The greatest threat to insurance firms as they embark on the transformational journey they know they must take is their own culture.
The focus of concern on the costs of distribution is evenly spread across the market with brokers very aware of the need to control them.
The potential inconsistencies, if not conflicts, between respondents' perceptions of the risks and opportunities in technological change give the impression of a lack of clarity for the market as a whole around the current and planned investments in different technologies.
One of the greatest threats that insurance executives see to their careers in five years’ time will be personal regulatory sanction in respect of their firm’s compliance breaches, although the threats of redundancy or consequences of poor financial performance are also significant concerns.
On many issues, brokers seem to take a different view of the future of the industry.
One of the key trends in the UK insurance market over the past decade has been the significant growth of the MGA sector. As the numbers have grown so has the range of risks they seek to intermediate. Could this boom be about to come to an end?