The UK’s impending withdrawal from the European Union may pose a more direct threat to the industry, and yet insurance brokers there are more worried over the governance of US President Donald Trump.
New research from specialist insurer Ecclesiastical shows that 30% of brokers are concerned about the Brexit impact, ranking it bottom in the list of new and emerging risks that are currently worrying them.
In comparison, 35% of brokers view Trump’s policies as a concern. Topping their list of business risks was the acceleration in cyber and internet crime, with 84% rating it as the biggest threat to their companies.
By business type, cybercrime was a concern for 82% of national brokers, 80% of super regional brokers and 86% of provincial brokers.
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“While uncertainty surrounds the potential long-term impact of Brexit and global political instability, brokers are understandably more concerned about the risks they are facing right now, like cyber and internet security, profitability and business continuity,” said Chris Withers, head of broker distribution at Ecclesiastical Insurance.
“That’s why having an insurance partner that’s financially secure and has the ability to understand and act on brokers’ needs is more important now than ever before,” Withers added.
The new study from Ecclesiastical was conducted in December 2016 by FWD Research in behalf of the insurer. It polled 49 national brokers, 39 super regional brokers and 112 provincial brokers.
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