1st March 2020 sees Stillman Insurance Brokers celebrating our 2nd birthday. The last two years have gone by extremely quickly, have been exciting and challenging in equal measure, but have ultimately been very successful for us. We would like to extend our sincerest thanks to all our clients, suppliers, and supporters for their various contributions.
So what’s happened in the last two years……….
The wider world
March 2018 saw cold weather hitting much of the country, and indeed the first two days of trading for Stillman Insurance Brokers were affected by snow. Whilst the weather at that time couldn’t be described as extreme, heavy precipitation at this time of year does seem to have become the norm, and instances of flooding are less surprising than they once were, as the poor folk of Yorkshire and the west of England will testify.
Hopefully the creation of Flood Re by the insurance industry to ensure homeowners could always find access to flood insurance has put most people in a position where flood cover is available to them. However, the scheme still doesn’t provide for houses built since 2009 (to avoid covering housing schemes built on flood plains), and businesses cannot make use of it. The current situation may mean further efforts are required by the industry to address the lack of insurance available to these areas.
It won’t surprise anyone that Brexit featured in the news in March 2018, and we have now left the EU, which will please some, make others angry, and see others simply being happy that it’s finally been done. The direct impact on the UK insurance market seems likely to be relatively slight, but it will create challenges for those regularly sending vehicles and staff into the EU, and anyone insuring European subsidiaries from the UK.
The insurance market
Two years ago the insurance market was starting to see the first real signs of a hardening of the market – a period where insurers restrict cover, underwrite risks more stringently, and increase premiums. Traditionally the hard/soft market cycle would be over a 5 year period, but this was the first sign of a hard market since 2004. Over the last two years this hardening has continued, with the most notable impact on Professional Indemnity, particularly business involved in the construction industry, but also the financial sector.
The signs are that this will continue throughout 2020 and probably beyond, with a widening impact on liability insurances. Business owners and directors would be well advised to engage with their broker well in advance of renewal to ensure getting the best terms.
Other market developments have seen continued broadening of Cyber Liability covers, but take up is still relatively low despite well publicised cyber attacks on various organisations, and reports of constantly increasing numbers of cyber attacks over all. In our view cyber security and IT consultants need to start making their clients aware that no matter how good their service, their systems can never be 100% protected, and that they should consider buying insurance.
Terrorism insurance has also moved forward, in light of attacks in recent years targeting the public rather than property as had previously been the case. The awful events at London Bridge and Borough Market of June 2017 were an horrific incident for all concerned. But affected business owners, who were forced to close down in the aftermath as investigations were undertaken by the police, found themselves unable to claim under their insurance as there had been no damage to property. Pool Re, which underwrites much of the terrorism insurance in the UK, is now able to provide cover for lost revenue arising from a terrorist incident in the absence of damage to property. However, policyholders need to ensure that they and their broker are asking for the cover to be put in place.
Our community
We’ve been pleased to continue our association with Camp Mohawk and Rams Rugby, sponsoring a number of events at both organisations over the last two years, and being the main shirt sponsor for the minis section at Rams. Charities, not-for-profit organisations, and community groups are facing a tough time at present with very little funding available to them from national or local government, and we’re happy to play our small part in both the charity and the rugby club.
Stillman Insurance Brokers
It’s been a successful two years, and we have been able to grow through our consistent efforts to put our clients first. The vast majority of our new clients have come to us through recommendations, which is a source of some pride for us.
This growth allowed us to expand the team, Sarah Davies joining on 12th February 2020. Sarah had previously worked with our Managing Director, Chris Stillman, who commented: “Sarah is exactly the sort of person that we want at Stillman Insurance Brokers. We are a business built on high standards of technical insurance knowledge and a genuinely client-first approach to service, whilst also making efforts to develop meaningful trading relationships with insurers. Having worked with Sarah before I know that she can deliver on all three, and that will be vital to our continuing success in the future. The only way we can maintain these standards is by employing the right people, possessed of the right skills and attitude, and they are genuinely rare in our industry.”
Thank you for your continued support.