Insurance Times Awards 2008

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The onset of the global financial crisis has resulted in further dramatic change in the general insurance sector in 2008.

Turmoil in the capital markets has placed unprecedented pressures on insurers, as clients and broking partners clamour for information.

It is likely that a fierce debate will rage in 2009 as the implications of the downturn become clear. Regulation is likely to become more onerous, both at a local and at a global level. Companies of all sizes are likely to come under greater scrutiny as governments take a central role in driving economies – and demand transparency from businesses.

&#8220Companies of all sizes are likely to come under greater scrutiny as governments take a central role in driving economies - and demand transparency from businesses.

 

Meanwhile, consolidation is likely to continue in the UK broking sector next year, albeit at a slower pace than in 2008. Consolidators will be forced to better integrate their empires and the companies at the very top of the heap are likely to merge, when and if the market hardens. There is likely to be a step change too in the use of technology by intermediaries – all of which could mean we’re looking at a new set of award winners at the end of 2009.

But before we bring 2008 to a close, I would like to congratulate all the winners and shortlisted entrants of the 2008 Insurance Times Awards. I would also like to thank all those who entered and our hard-working judges. We are grateful to our sponsors for their tremendous support and to everyone who attended the awards ceremony in Birmingham for making the night such a success.

Tom Broughton, editor.