The Insurance Act is more than just a legal change – it will reform market practice. New norms need to be established and underwriters, brokers and insurance buyers must work together to establish a common understanding before the Act comes into force.
The 2015 Insurance Act has been years in the making and is the product of hundreds of rounds of negotiations and legal wrangling over specific clauses. The end product is a fantastic result for all in the market.
In this article, John Hurrell, chief executive, Airmic highlights why now is the time for the market to get ready for the changes ahead.
• Fair presentation of risk.
• Underwriting process.
• Establishing a common understanding.