The insurance newspapers this week have shown no let up in the doom mongering.  Admittedly, we are not seen as the most positive of people at the best of time, but the bad news keeps coming.

For what it is worth, here are the headlines:

1. Towergate, the largest UK broker with commissions of £268.9 million have made a loss for the 2007 year post tax of £14.7m compared with £4m profit the year before.
2. Leading industry analysts have stated this week that the contagion of the credit crisis will draw in the insurance sector.
3. Willis Group one of the largest brokers in the UK saw their third quarter profits sink bu 46%

However, there was some good news in that Aviva Group (which until recently included the trading name of Norwich Union which is now being subjected to a change in corporate branding but that is another story), showed their financial strength to the World by unveiling it’s £1.3 billion surplus.  This saw shares recover by 15% and hopefully will send a message to the markets that there is still strength and resilience in our sector.  At cover4letproperty, we work closely with Aviva on our commercial let property offering and benefit from an underwriter in our office.

Our let property rates are also going to be benefitting from a new no claims discount in January to reward clients who have not made a claim.  This should help to keep prices down!

Nick Blunden