Last month proved to be an extremely interesting end to 2019, with a key general election taking place. With the result of the vote being a majority government, the most important consequence of the election on the insurance industry is that of stability and certainty. After months of industry professionals decrying the lack of information available about the political future of the United Kingdom, we can now see a light at the end of the tunnel. What this means for insurance is that policies and their application post-Brexit are becoming more clear, especially for policies which aren’t solely restricted to the UK – such as holiday home cover in Europe. Graeme Trudgill, executive director of BIBA, commented “Our work representing insurance brokers and raising member issues means that we work closely with senior politicians and civil servants across all parties. We have enjoyed constructive and productive relationships with the Conservative government over the last few years and we look forward to continuing our representation work with the relevant ministers and MPs.” Aside from Brexit, 2020 also brings with it important modifications to the insurance industry, chiefly the Whiplash Reforms. The Whiplash Reforms are a part of a wider set of changes introduced by the government in order to change the way that low-value personal injury claims from car accidents are handled. According to the Ministry of Justice the reforms will “reduce insurance costs for ordinary motorists by tackling the continuing high number and cost of whiplash claims.”
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