News in brief

Avoid winter water problems

Figures from the Association of British Insurers (ABI) have highlighted the importance of adequate property insurance. The ABI’s report states that 370,000 people made claims for water damage in 2010, with the average claim costing just less than £2,000.

Most of the claims resulted from damage caused by escaped water, and the ABI estimates that the insurance industry paid out £7m due to damage caused by burst pipes.

The harsh weather that the UK experienced last winter caused the increase in claims and, if a similar period of tough conditions is on the way, home and business owners will want to make sure that they are fully covered.

News in brief

Britain’s vintage boom

Research commissioned by Hiscox has indicated that 57% of people in the UK do not know the value of their vintage valuables, despite thinking that they may have increased in price. Books make up 39% of consumers’ vintage possessions, with musical memorabilia (33%) and furniture (27%) close behind.

“Vintage is an aspirational fashion that is growing not only in popularity, but also in what is considered vintage,” said Andrew Cheney, Senior Risk and Valuation Advisor at Hiscox. “The term ‘vintage’ makes an object stand apart from the crowd and reinforces its value if you can prove its provenance or association.”

According to Andrew, it is important to understand the history behind vintage items. “For example, the value of a vintage guitar is derived from its time and place in history,” he said. “I remember visiting one home and being shown a well-used guitar that the owner said was worth £120,000. He produced a photo showing a member of the Eagles playing the instrument, which proved its value.”

News in brief

Nominations at magazine awards

Hiscox UK has been nominated as a finalist in two categories at the Post Magazine Underwriting Service Awards 2012. The team is up for the ‘Commerical combined larger risks underwriting team of the year’ and ‘Commercial combined smaller risks underwriting team of the year’ awards. Post analysed the opinions of more than 1,300 brokers who work closely with underwriters. The event will take place at the Kennington Oval in London on 22 November.

News in brief

Green values

Hiscox’s poll of high-net-worth individuals has revealed that 21% of homeowners have items in their garden or other outdoor space that they consider to be valuable. It is important for brokers and their clients to think about the collective value of these items and ensure that adequate protection is in place.

The new research from Hiscox found that more than half (53%) are planning landscaping work in the next six months. Almost one in ten (8%) plan to buy new outdoor furniture, 11% display sculptures or garden art, 17% have a fountain and 12% store sporting equipment in their garden.

Household customers that took part in the poll have sometimes experienced unexpected damage in their gardens. Received claims have included a 19th-century urn knocked over in a garden and a fallen tree breaking an expensive stone bench.

“It’s crucial that garden items aren’t forgotten when arranging a home insurance policy,” said Austyn Tusler, high-value home insurance expert at Hiscox. “It is important to remember that home and contents is not just items under the traditional family roof, but all assets on the property.”

News in brief

Hiscox sponsors startup sitcom

Starting your own business can be a traumatic and uncertain time as you step into the unknown and become your own boss.

To help potential entrepreneurs, and offer them a little light relief, Hiscox USA commissioned Leap Year, an online sitcom that tracks the entrepreneurial highs and lows of five friends as they go it alone in the wake of corporate downsizing. With more than one million views, it is worth a watch. The full season is available on YouTube, iTunes and at leapyear-hiscox.tv

News in brief

Number one for claims

Hiscox won twice at the inaugural Post Magazine Claims Club awards, picking up the Team of the Year prize in both the Commercial Lines and Personal Lines categories. The awards acknowledged teams that had made a difference to claims in the past year, rewarding good practice, innovation and hard work.

News in brief

Lord Sugar to address BIBA conference

BIBA has confirmed the keynote speakers for its annual conference, which will be held at Manchester Central on 11 and 12 May.
Greg Case, President and CEO of Aon, and explorer Ed Stafford will be joined by Lord Alan Sugar of ‘The Apprentice’.
Following the success of the new two-day format last year, 2011’s BIBA conference will feature four keynote sessions, including a debate on regulatory changes chaired by the journalist and broadcaster Andrew Neil.
The theme for this year’s conference is ‘Opportunities in Adversity’. BIBA Chief Executive Eric Galbraith believes that many brokers are used to difficult trading conditions. “The challenges of the wider economy could be a great opportunity for some to rise to the top,” he said.
There were more than 4,000 people at last year’s conference, including 2,340 brokers and 170 exhibitors.
Look out for Hiscox in Manchester, especially after it won the ‘Best Stand Design’ award at last year’s conference at the ExCel in London.
For more information, or to book a ticket, visit www.campaignpartners.co.uk/biba

News in brief

Hiscox hits out at ‘unfair’ practices in defamation cases

Hiscox has criticised some claimant law firms for manipulating and inflating costs in defamation and privacy cases.
After The Event (ATE) insurance policies can be used to inflate costs and may not offer any real costs protection to defendants.
More than half of all media claims Hiscox has handled since 2003 have been in the defamation and privacy class, and the insurer supports Lord Justice Jackson’s proposals to end recoverability of ATE premiums.
Ian Birdsey, Media and Technology Claims Manager at Hiscox, said: “The broken system in place means that defendants in defamation and privacy claims may well suffer the disadvantages of paying for ATE policies when they lose, without any of the expected benefits when they win.”

News in brief

Brits lax on sports equipment security

On average, homeowners are leaving £770 of sporting equipment unsecured and potentially not covered by home insurance in garages and gardens, according to Hiscox research. More than half of those surveyed said they store equipment in their gardens and car boots for easy access – but more than a third have no idea whether their expensive kit is covered by their home insurance.

One fifth of respondents own more than £1,000 worth of sporting goods and 6% own more than £2,000 worth. “It’s important that homeowners work out how much it might cost to replace their kit to ensure that they are fully covered under the contents policy,” says Austyn Tusler, Head of Art and Private Client at Hiscox.

News in brief

Think creatively for success, say graduates

New research from Hiscox indicates that students think personal skills are more important than qualifications for budding entrepreneurs. Only 1% of graduates believe qualifications are the most important factor when thinking about setting up a business.

Instead, they point to creative thinking (40%), networking ability (38%) and risk-taking (28%) as the attributes needed to be an entrepreneurial success story.

“The research shows an interesting perspective on the business world from the UK’s next generation of entrepreneurs,” says John Heaney, SME expert at Hiscox. “The students are right to recognise the importance of skills such as creativity and networking for business success.”

News in brief

American classic car partnership

Hiscox will provide capacity for Hagerty International’s UK products after signing a deal with the US-based classic car insurer. Although Hiscox has been offering classic car cover for more than 15 years, and launched its high-value motor product in 2008, this is its first joint venture in the area.

Angus Forsyth, Managing Director, Hagerty International, says: “We chose Hiscox as our partner for its thorough understanding of our product and its clear expertise in the classic car market.” For access to Hagerty’s classic car insurance, please call 0844 824 1130.

News in brief

Insuring wine collections
Collectors are already insuring their valuable pieces of art and now it is time to add wine to the list of household items that should be covered. Currently, only five per cent of wine connoisseurs insure their collections, compared with the 75 per cent who insure their valuable pieces of art. By asking your clients if their wine collections are covered, it could protect them in the event of a loss and could bring in extra revenue for your business. Damage to wine collections can happen for many reasons, including theft, power outages, temperature control failures and breakages.

How do you like your Hiscox News?
At Hiscox, we are always looking at ways to improve our communication with you. If you would prefer the option of receiving your copy of Hiscox News via an email link rather than a hard copy version, please let us know. If there is sufficient demand, we will introduce this option for future editions. Have your say and email hiscoxnews@hiscox.com with your name, broker name and address.

News in brief

Brokers are best

A blogger on Twitter has given brokers’ reputation a boost by proclaiming that they are “the best” when it comes to finding the pick of the insurance deals.

The internet surfer tried several comparison sites and direct insurers to find a quote for his car insurance, but was unable to find anything that matched the great deal that his broker unearthed.

The driver, acknowledging the price vs quality argument, decided to pay slightly more for his policy in return for extra benefits that were included as standard. These included a lower excess figure and a replacement car.

News in brief

Insurance bills are priority

Recent research has brought good news for brokers and insurers by revealing that almost half of UK bill payers prioritise paying insurance bills over others.

Forty-nine per cent of people would pay for their insurance ahead of credit card payments, mobile phone bills and internet charges. They said that paying for their insurance was as important as paying utility bills, council tax and the mortgage or rent.

The research by credit reference agency Callcredit highlights the importance that consumers place on insuring themselves and their own personal belongings.

News in brief

Brokers’ own site

To make life simpler for brokers, we’ve created a dedicated broker website at www.hiscoxbroker.co.uk. This easy-to-use, standalone site is the new home of the Broker Centre, which will contain all the same information as before, plus other relevant material from the old corporate site. Any bookmarks you may have will redirect you to the new location, but you should create new bookmarks for future use.

Meanwhile, the global corporate site for the Hiscox Group has been given a fresh look but remains at www.hiscox.com, while www.hiscox.co.uk is still the first port of call for consumers. The www.hiscox.ie website address continues to provide information for brokers in Eire.

News in brief

Wedding gifts must be insured

Hiscox is urging newlyweds to check that they are fully insured for the extra valuables in their home following their wedding. Hiscox research reveals that the average increase of a newlywed couple’s home contents is £12,000 – made up of wedding rings and gifts.

Hiscox household insurance customers are automatically given a 25% increase in the amount insured for up to 60 days.

Hiscox household insurance expert Austyn Tusler says: “One of the last things on your mind when you are thinking about table plans and dress fittings is whether your new gifts or rings will be covered for loss or damage.

“Hiscox’s automatic increase means newlyweds can celebrate on the big day, relax on their honeymoon, and, when they get back, take a little time to re-examine the value of their contents.”

News in brief

Theme for BIBA conference 2010

'Professionalism in a changing world’ will be the theme of next year’s British Insurance Brokers’ Association (BIBA) conference. The event will be held at the ExCel conference centre in London on 19 and 20 May 2010.

Entry to both the conference and the accompanying exhibition will be free to BIBA members, and all intermediaries are welcome to attend the exhibition at no cost.

News in brief

SMEs confident in recession

New research from Hiscox reveals that the majority of the UK’s SMEs remain positive about their prospects in the current recession.

Almost half (48%) have not needed to take additional measures to ride out the downturn, while 54% said they were confident that they will survive the turbulent financial times.

Of the businesses that have been forced to take action, most have avoided more drastic measures, such as redundancies, salary cuts or reducing spend on office maintenance.

Alan Thomas, small business insurance expert at Hiscox, says: “SMEs are an integral part of the UK’s business landscape and an important indicator of the health of the economy, so it’s good to see that many are confident about their survival prospects.”

News in brief

Curious careers on the rise

New research from Hiscox has shown a growing trend in the UK for quirky and curious careers – from embalmers and tree root DNA analysts to equine dental technicians and organic food inspectors. Hiscox has seen a 19% uplift in people taking out insurance cover for alternative professions during the past year. These small business owners are ensuring they have appropriate professional indemnity insurance to protect themselves.

News in brief

They’re moving on up

Some Hiscox names brokers may recognise have been rewarded with promotions. Ross Dingwall, who has been with Hiscox for eight years, is now in his new role as Sales Director. Glenn Caton has been promoted to Director of Marketing and Hiscox Direct, where he will continue his good work of turning Hiscox into a household name. Another person who has moved roles is John Heaney, who is now Hiscox’s Head of Professions and Specialty Commercial. He has replaced Gary Head, who was appointed UK Underwriting Director earlier this year.

News in brief

Hiscox wins insurance award

Hiscox has won the General Insurer of the Year award at the British Insurance Awards. The award is given to the company that has most successfully set out a coherent development strategy, including product innovation, response to customer needs and enhanced quality of service. Hiscox Chairman Robert Hiscox said: “This is a very welcome endorsement by our peers and will spur us on to do even better.”

News in brief

Stationery process now quicker

In order to provide brokers with a quicker process and faster delivery times, Hiscox’s stationery ordering service has changed. The new, simpler online forms can be submitted immediately, with an email confirmation once the order has been received and logged for processing. All orders will be dispatched within two working days. Visit the new stationery pages at www.hiscox.com/broker

News in brief

CII prize winner

Hiscox’s Justin Bowen has won the Cunningham Lindsey UK Faculty of Claims prize at the CII. This is awarded to the UK candidate who achieves the best average results in units IF1 and IF4 for the Certificate of Insurance.

News in brief

Improving customer information

Finance industry efforts to produce better quality disclosure information for customers have received recognition from the FSA. The regulator has revealed that more than two-thirds of the financial services Key Features Documents (KFDs) it has reviewed have shown significant improvements in quality.

Firms must give KFDs to consumers before they buy a packaged product. All KFDs must include key headings outlining the product, its aims, risks, general questions and answers and charges. The FSA first reviewed the standard of KFDs in September 2007 and found only 15 per cent were effective.

News in brief

The winning feeling

Hiscox News has been honoured for the second year running at the Communicators in Business Awards. The judges gave the title an Award of Excellence and said: “Hiscox News is a top quality magazine, written and produced to the highest standards.” The magazine is also shortlisted to be the overall winner in its category, with the final verdict to be announced later this month.

News in brief

Challenges and opportunities

This year’s Association of British Insurers biennial conference, entitled ‘Today’s Challenges, Tomorrow’s Opportunities’, will reflect on the health of the industry and the market environment during the current economic climate, examining how insurers can serve the customer better.

Keynote speakers at the 9 June event in London include the Shadow Chancellor, George Osborne MP, who will also take questions on the Conservatives’ approach to the insurance industry and their economic plans. The second keynote speech focuses on the regulatory environment by Lord Turner, FSA Chairman.