Focus: It is time to reassess the model of broker remuneration

Over recent weeks, the insurance industry has come under intense scrutiny for its response to Covid-19. It would perhaps be more accurate to speak of a lack of response. Indeed, in the UK, the Association of British Insurers was quick to reassure policyholders: “Irrespective of whether the government orders closure of business, the vast majority of firms won’t have purchased cover that will enable them to claim on their insurance to compensate for their business being closed by the coronavirus.”