Remember that headline in November 2020 from Insurance Age 'Brokers to bear brunt of £51m additional levy'? Well, it’s almost time for brokers to pick up their share of the bill with the additional levy due to be paid in quarter 1. This additional levy is for the Financial Services Compensation Scheme (FSCS) and is going to be around £51m with £29m coming directly from brokers. This extra charge comes on top of the £18.2m that brokers have already paid into the scheme in 2020.

As part of our ‘Changing insurance needs’ series we focus on the Environment in this latest update. Global warming and the extreme weather conditions increasingly experienced around the globe are causing major disruption on what seems like a daily basis, but how will the insurance industry be affected? February 2021 is only part way through yet news headlines at home and abroad have been dominated by severe weather conditions and the devastation caused. It’s never been more important for individuals or businesses to have the appropriate insurance covers in place to protect them against environmental extremes. The more severe the situation, the deeper the cover potentially required.

One of the most significant business casualties of Covid-19 is high street retailing. The headlines announcing the latest brands to ‘shut up shop’ appear on what seems like a daily basis. Even over the last week, permanent ‘covid closures’ have included Dorothy Perkins; Burton and Wallis joining wider household names like Debenhams; Top Shop; Miss Selfridges and Oasis, to name just a few. All have sadly lost their high street presence. With a rapid switch to online, retailing supporting industries have had to adapt, but what will the impact be for the insurance industry?

Last year every employee at Premium Credit contributed to the refreshing of our Purpose and Values through an engagement process that lasted five months. But why is Purpose receiving so much attention? What does something so simple do for a business and the people working in it? And how does our Purpose not just become another marketing strapline? Simply put, Purpose is your ‘why’. The answer to this simple question is the core of any successful business. It is not the preserve of the board or the strategy team, it is part of every role and every colleague.

We won Bronze at the 2020 UK Complaint Handling Awards, beating some tough competition. Whilst it is great recognition of all the work that resulted in this win, what really counts is the positive impact these changes have provided for the benefit of our customers, partners and ultimately, our business. The architect of these changes is Paul Barclay, our Head of Partner Operations & Customer Service, who with the help of his dynamic team managed by Nadine Ross, explain how they transformed the complaints handling department.

As we recognise the anniversary of Britain’s first Covid-19 cases, it’s a time to reflect on how much has changed on both a personal and commercial level. In a broker context, the insurance needs of customers, both personal and commercial lines, have changed significantly as life has been transformed by the pandemic. New types and levels of insurance are now required, providing opportunity for brokers and all of us servicing the insurance industry.