Insurers rally after Enterprise collapse
UK motor insurers have moved to calm fears in the market after the collapse of Gibraltar-based Enterprise Insurance.
Michael Lawrence, personal lines director at LV, told Insurance Age, ‘Unfortunately, circumstances like these are potentially damaging for the industry, undermining market confidence and impacting brokers and their clients.
‘It’s important that insurers and brokers alike work to gain trust and to ensure customers have peace of mind. Events like these only serve to reemphasise the importance of brokers taking a greater interest in the quality and sustainability of their insurance partners.’
Meanwhile, Aviva chief distribution officer Phil Bayles admitted that ‘the news of Enterprise’s insolvency will have caused concern to brokers and customers alike. Maintaining cover for customers will be paramount so if brokers have any enquiries we’ll do our best to help find solutions for them where we can.’
Jonathan Dye, head of motor insurance for Allianz, added, ‘Allianz is committed to the motor market and has a consistent strategy in this sector. We are currently working with brokers, business partners and any customers that may be affected. This will include providing terms and cover where required and ensuring sustainable solutions are provided to those that are impacted.’