Property Owners Insurance – an update with a laser focus

EVENT OVERVIEW

Whether it is residential or commercial, the whole area of Property Owners’ is always not far from the press and wide stakeholder scrutiny – what can brokers and insurers alike now do to regain trust now that the size of the market has reduced which reduces competition and creates a “seller’s market” completely contra to FCA objectives?

We have had new rules on the residential leasehold side for 2.5 years, but in a soft market, how exactly do LHs benefit and is it OK for some brokers to expect/demand greater commissions for supposed work transfer (and how do you evidence this?).  When can a broker share commissions with managing agents and how will this be of benefit to the LH?  Further, what is an acceptable commission these days as we have transparency and commission disclosure and onerous fair value assessments to think about and all of this is still challengeable in the courts (and has been for over 40 years).

We had new legislation in 2024 and the government has undertaken further recent consultation so we wait to hear what will be allowed under a “permitted insurance payment” which could ban commission sharing with PMAs and ensure ultra-transparency when it comes to LH insurance arrangements.  The power positions are shifting, and in an increasingly soft market, the pressure is on to achieve growth - this makes it more likely that those that hold the compliance line will lose business to more unscrupulous players in the market

When it comes to commercial, the Trocadero case in the High Court saw the property owner being ordered to repay over £600,000 worth of commissions.  These had been paid to him by various brokers over the years because the terms of the lease did not allow for the tenant to pay the PO, via the broker, large sums of money to insure their own property.

LEARNING OUTCOMES

By the end of the session, you should understand:

•          What are the key issues regulatory issues when it comes to Property Owners’ insurance;

•          What has to be done to ensure leaseholders are a critical part of the picture;

•          When it comes to commercial insurances, what are the concerns?

SPEAKER BIO

I started my insurance career in 1987 and have worked across the sector including stints at PwC and GISC and have led my own consultancy practice since 2004 working closely with BIBA and the CII and have provided hundreds of well-received (even entertaining!) talks.  I am a recipient of the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards in 2021.  I have judged various insurance awards and am always being approached for engaging commentary and analysis.

I have been a regular speaker at virtually all of the CII’s local institutes and have provided countless events to insurance professionals and feedback has always been superb:-

"Clear learning outcomes which were met. Good examples provided. Branko has a wealth of current knowledge which he delivers in a relatable manner and at an appropriate level. I always look out for webinars presented by Branko."

"Branko's session was entertaining, factual and honest. It was a topical talk that delivered a very real world and customer-focused view which I don't think we typically get from presenters. He made me think about the issues that are important to customers and not just the bottom line."