Insurance Times Advent Calendar: John Warburton

1. What was your insurance industry highlight of 2024?

Of course, the big news was Konsileo winning Commercial Lines Broker of the Year at the Insurance Times Awards!

But, that shameless plug aside, the biggest story for me in the last year was Aon’s acquisition of Griffiths and Armour.

There are a few broking firms I’ve really admired for a long time – my friends at Clear Group, Thomas Carroll in South Wales and Griffiths and Armour.

I thought its acquisition by Aon was really interesting because the quality of the management and brand was acknowledged and retained. It shows that a great firm with a different proposition has real value – and signalled a significant shift in the way that M&A can be done.

2. What is your Christmas message for your insurance colleagues?

If you look back at 2024, it might seem like we’re in the Bleak Midwinter of rising costs and challenges, but just remember that the insurance industry is the oil in the engine of the British economy.

So, hold your head up high. When you’re at your Christmas drinks with friends and family and people ask you what you do, say “I’m in insurance” with pride.

3. What do you hope to find under the industry’s Christmas tree for 2025?

I’d like a few presents please.

Firstly, a nice judgement from the Supreme Court that stabilises the premium finance market. A punitive redress process would hobble a market that is absolutely critical for customers who benefit from being able to pay their premiums on a monthly basis.

Second, a present from the FCA that shows they understand the value of commission payments as a model of remuneration that facilitates advice.

The coal at the bottom of the proverbial stocking would be doing what they did to the IFA sector with the Retail Distribution Review – if you require fees to be paid separately for advice it pushes people out of the advice market and can leave them without protection.

Third, I’d like to see insurers continuing to invest in the professional skills of their people. There is no substitute for real trading underwriters with a deep professional skillset and insurers who know how critical that is. Technology should be there to support them, not replace them.