The Conservatives won by a landslide in yesterday’s General Election.
The Conservative’s General Election victory will benefit the general insurance world, according to industry figures.
Kevin Paterson, industry management consultant, says that the result will benefit new household and buy-to-let policy sales.
Paterson said: “From a GI perspective I think it will benefit new household and buy-to-let policy sales as purchasers and investors release pent up demand in light of greater confidence and certainty.
“From an insurer angle, those GI providers who rely on off-shore captives will need to potentially look at establishing a UK base but I suspect there may be plenty of time to do this if it is ultimately needed as there may be a regulatory option.
“Democracy is alive and well. This was the overwhelming clarion from the country in the wake of the Election.
“Fed up with the incompetence and self-interest displayed by our MPs over the last three years the country decided to take charge.
“I think we can now look forward to a great 2020 as confidence returns and pent up investment is released.”
Geoff Hall, chairman of Berkeley Alexander, said that the result brings some logistical issues for the general insurance market and clients aren’t likely to see any changes in the domestic insurance market.
He added: “Whatever your politics, having a clear message from the electorate and a significant majority for the Tories means that the country can at last move on from the uncertainty that has plagued us for the past three years.
“Hopefully confidence will remain in the housing market allowing mortgage brokers to do what they do best.
“From a GI angle, there will be some logistical issues, like needing green cards when driving abroad.
“However, life will go on and most advisers and clients aren’t likely to see any changes in the domestic insurance market.
“The key for me is that people should continue to do right thing for the customer, providing them with the right products to meet their needs.
“For those commercial clients who trade with our European partners or for those personal clients who may have overseas properties, there could be changes depending on the deals the government negotiates, but only time will tell.
“The key is to pick your GI partners carefully to ensure they are aligned to your aims and goals and they can support you and keep you on top of changes as they happen.”
David Smith, chief innovation officer at Uinsure, said that the result brings stability to the country.
He said: “The election result makes one thing clear, that for the next four years at least we will have stability of policy and direction in government.
“The stagnated politics of the past three years has contributed nothing to society.
“Financial services like certainty, they don't like uncertainty.
“Now we will have a steady fiscal, monetary and social direction that means firms can crack on improving peoples’ lives, building better businesses and delivering better customer outcomes for everyone.
“That we can now be certain of.”
