With just 9 months to go until the Insurance Act 2015 comes into force, how ready is the market? A recent survey carried out by Airmic among its members has revealed that:
- Only 53% of respondents believed they were prepared for the introduction of the Act; and
- 61% of respondents had not yet mapped out what a ‘reasonable search’ would look like for their organisation.
The results of the survey were revealed exclusively at an event hosted by us. The event brought together leading figures from across the industry to explore how parties can minimise the risk of disputes under the new Insurance Act which comes into force in August 2016.
Panellists from Airmic, Aviva, Beazley, JLT, Lloyds Banking Group and Marsh engaged in a lively debate over the difficult practical issues surrounding both placement and claims handling under the new Act.
We have prepared a briefing which summarises the key issues and learning points discussed by our panellists and we have also highlighted the key results of Airmic’s recent survey that were exclusively revealed at the event.
Click here to read the briefing.
We have also published a handy guide on the key changes the Act will bring about. Click here to access this.