Think you don’t need Terrorism Insurance? Think Again!
19-Dec-19
Think you don’t need Terrorism Insurance? Think Again! Following recent tragic events in London, I’ve been thinking about the effect of terrorism on business; more specifically on SME’s and also on the insurance industry. Several of my contacts have posted on LinkedIn, pointing out that denial of access to bars, shops or places of work have bankrupted many firms (often SME’s operating on small margins) following terror incidents. This sparked my interest and I decided to do some research. Approximately 80% of businesses do not have any form of insurance against loss in the event of a terrorist attack.[i] Insurance brokers will want to ask; why are so many businesses missing out on this important aspect of their insurance cover? The fact that only around 1 in 5 businesses have terrorism insurance is concerning. Insurance specialist, James Woolerton, at Tristar Special Risks, suggests that Terrorism Insurance is bought by two types of people; the “informed and the obliged” – or in other words - those who understand how important it is, due to having a clear understanding of the risks; and those who are forced to purchase terrorism cover, for example by a mortgage provider.[ii] To get more SMEs responding to this risk, it is important that more companies join the ranks of the “informed”. What is terrorism insurance? Insurance against terrorist attacks can be difficult to define; because terrorism itself is difficult to characterize. While there are varying definitions available, it is important to remember that though the most common perception of “terrorism” is that of bombings carried out by recognised extremist groups, the description is actually far wider than that. Terrorism can include an attack by any group seeking to cause fear or disruption through violence and force in order to create change. Therefore, even situations, such as violent interruption of transport by political activists, could be considered a terrorist event. This decade has also ...
Three Ways that Millennials will Shape Financial Services by the Year 2030
07-Feb-19
Three Ways that Millennials will Shape Financial Services by the Year 2030 Today’s young people in their 20s and early 30s are about to have the highest spending power of any generation.[i] These are the millennials; people who reached adulthood in the early 21st century and are now approaching the height of their careers, buying houses and starting families. They entered their employment in the midst of the financial crisis and are growing up in a world full of environmental, economic and social concerns. Their voice will have a strong impact on the direction in which many industries will need to move and the financial sector is no exception. In order to stay competitive in a crowded market moving towards the year 2030, financial institutions need to ask, “What do millennials really want?” 1) Digitisation and Artificial Intelligence Over the past decade, disruptive technology has ushered in huge changes in financial services, with a move to digitisation, mobile banking, online lending and personalised marketing. There is no indication that millennials will be slowing down the rate of technological advancements. Indeed, statistics show that millennials spend an average of 25 hours a week on the internet, with one in three people in this age category making at least one weekly purchase via their computer (as well as many via smartphones)[ii]. Millennials are a generation that expects instant results. Recent years have seen the ability for an individual to make on online purchase in the morning and have it delivered in the evening. Speeding up processes and being convenient will be vital to appealing to the customers of 2030. In addition, clients will want to see an increasingly personalised service. Advances in AI are making this possible, with marketing and products being tailored to fit an individual, rather than grouping people together by demographics such as age, income or career. 2) Social responsibility ...
The Perfect Time to Progress Your Career in the Mortgage Market
27-Jul-17
Recent UK and world events have left many markets reeling and confused. In many cases, this has resulted in people being reluctant to pursue careers within sectors that might be affected by national and international events. The recent general election along with last year’s vote to leave the European Union have created an atmosphere of uncertainty within UK financial sectors. However, there is evidence that in spite of this, the UK mortgage market is booming, with lots of scope for movement of talent within the sector. Estate Agent Today magazine suggests that the mortgage market has recovered almost to the level that it was before 2008, reporting that 30% of mortgage advisors were able to procure mortgages for “any client type” during the second half of 2016. This is double that of the first half of 2015.[i] In 2016 there were 9% more first time buyers in England then the previous year, with 5% more in Scotland, 7% in Northern Island and 11% in Wales. [ii] With regards to the amount lent, the UK mortgage market is the largest in Europe, currently worth £1.3 Trillion.[iii] Fewer Buy-to-Let Properties giving more opportunity to first time buyers It is true that with last year’s increase of stamp duty taxes for buy-to-let buyers, along with a reduction in tax breaks, landlords may be less inclined to buy. However, with lenders having fewer landlords wanting to borrow, they are likely to be keen to lend to other buyers. This will include first time buyers; a group who have been struggling to get on the housing ladder for a number of years. Many have been postponing buying through the past couple of years, but this has created what the Guardian describes as a “pent-up demand” among first time buyers. [iv] This may lead to competition for the purchase of some properties. Brexit perhaps not as concerning as it first appeared? While no one is really able to predict what Brexit will do to any market, the mortgage market is currently not showing much ...
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