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FSA Regulation - A Summary Of Insurance Distribution
Datamonitor, May 2005, Pages: 45
This report examines the distribution of general insurance following the start of FSA regulation in January 2005. The number of registrations is examined in order to provide a picture of the number of distributors present in this market and the fallout that occurred on the back of regulation. How these changes will affect the market in terms of routes to market is also investigated.
Report Scope
The insurance market is put in context in terms of the number of regulation applications to the FSA and the number of authorizations granted
The brief considers the impact of regulation on insurance brokers and secondary intermediaries such as motor traders and property agents
The brief suggests the lasting impact of FSA regulation and what changes it will cause to the general insurance market in the near future
Insight from industry executives provides a balanced assessment of the effect of regulation on the insurance buying and insurance selling experience
Report Highlights
By 14 January 2005 over 18,000 firms had received direct authorization and a further 22,000 firms had been granted appointed representative status. The ongoing cost of regulation to the insurance industry is expected to be over £160 million per year.
Few insurers have noted a significant reduction in broker numbers either in the lead-up to or subsequent to FSA regulation. However, the FSA has identified three hotspot sectors that were delaying their applications for authorization and may cease providing general insurance products.
Regulation is likely to have an unequal effect on various insurance products, potentially affecting some product lines more than others. There are concerns over the provision of free, add-on insurance products although for niche commercial products the likelihood of successful sales may increase.
Reasons to Purchase
Gain insight into the number of regulated intermediaries and the potential distribution routes under the new regulatory regime
Understand the product areas that regulation will most affect and the types of intermediary that may have to curtail insurance sales
Assess the overall impact on your business and how the FSA may revise regulations to create a more efficient insurance market
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