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Member, Beacon International Group, Ltd.
LONDONInsurance brokers in the United Kingdom believe that their handling of the recent severe flooding in parts of England will ultimately have a positive effect on the reputation of the U.K. insurance industry, according to a study carried out by London-based National Insurance and Guarantee Corp. Ltd.
The survey of 184 brokers carried out in late June found that 45% felt that the insurance industry's handling of the flooding would have a positive impact on its reputation, while 28% thought the industry's handling of the aftermath would worsen its reputation. A further 22% predicted no change.
"Ultimately, insurance is all about claims, and the aftermath of this unprecedented flooding will provide our industry with the biggest opportunity to show its true worth for a number of years," said Mike Crane, NIG's head of SME services and servicing, in a statement.