Citynet exhibited at #BIBAScotland 2019
The #BIBAScotland Conference is the only event dedicated to insurance brokers in Scotland. This years’ event saw more than 200 industry representatives in attendance and was the perfect opportunity to keep up to date with the latest developments, meet new contacts and conduct business.
Following tremendous successes in the past years, Citynet Insurance Brokers exhibited at the #BIBAScotland for the third year running.
Acting purely as a wholesale insurance broker, Citynet has established itself as a London Market Specialist in the placement of Liability, Property, Professional Indemnity, Terrorism, Cyber, Motor, and various associated classes. We also specialise in the placement of binding authorities for other insurance intermediaries.
If you are looking for a wholesale broker that has great insight and knowledge of its markets and deliver on their promises, look no further! Citynet will be proud to be Your Trusted Partner!
For further information about our services or schemes please get in touch with our team members below or get in touch with your account executive.
WHO IS THE WINNER?
We are delighted to announce that the winner of our prize draw where a Tipsy Tree Advent Calendar was up for grabs is Mr Tom Aldridge from Blackford Insurance.
Huge congratulations from all of us at Citynet.
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Building broker business in the construction insurance sector
In the midst of chaos, there is opportunity!
The famous quote from Sun Tzu in The Art of War may not have been intended for the insurance industry – but it is one that stands applicable especially now in relation to the construction sector where the building blocks appear to be crumbling. The July 2019 IHIS Markit construction purchasing managers’ index dropped to its lowest levels since April 2009.
“According to the latest survey of industry executives, the UK construction sector is suffering a loss of momentum, led by the sharpest reduction in new work since March 2009,” Matt Carlick, Broking Director at Citynet Insurance Brokers, told Insurance Business. “As the market tightens, some insurers are looking into decreasing the number of brokers they do business with.”
At the heart of the problem appears to be a shortage of skilled workers, leading to greater use of LOSC and BFSC contractors, according to Carlick.
“Greater use of lower-skilled or non-skilled workers who tend to be less experienced in a particular trade or are new to a company and therefore less aware of the H&S culture of an insured,” he said. “Due to a skilled worker shortage, there is a danger that the cost for these employees increases which can negatively affect profit margins and therefore the funds available for investment in H&S initiatives.”
Amid the clouds, however, there are plenty of silver linings – and savvy brokers have plenty of opportunities to be the cement that keeps businesses watertight amid the onset of economic bad weather.
“Despite the comments about retrenchment in the UK construction sector, underwriters would suggest that they are seeing small organic growth for London and South East based risks,” added Carlick. “This also means an increase in estimates for LOSC and BFSC payments which bring their own insurance issues with them.”
“Of course, there are concerns about the current business outlook and these are overwhelmingly attributed to domestic political uncertainty,” continued Carlick. “The construction sector hasn’t been left unaffected by this current climate. Rising risk aversion and tighter budget setting by contractors in response to Brexit uncertainty can hold back activity, especially in the commercial sub-sector.
“The key is to work with a specialist – and, as wholesale brokers, Citynet has a proven ability to build and maintain relationships with underwriters which is essential to ensuring that the best deal is on the table for our retail broker clients.”
Finding the best deal also means finding the right policy for clients. While each business will have different individual needs, Carlick believes there are certain important areas of a construction policy that every broker should look for.
“Important areas of a construction policy include cover for asbestos; attitude towards criminal defence costs; height and depth limits – ideally there should be none; cover for hazardous locations/activities; attitude towards rehabilitation; insurers’ flexibility to be able to deal with mid-term amendments which are hazardous and/or unusual,” he said.
Above all, however, it’s about finding a trusted partner, Carlick believes – one that has “its’ fingers on the pulse of this dynamic market” and “strong market relationships.”
Source: Insurance Business UK
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#MacmillanCoffeeMorning at Citynet HQ
The #MacmillanCoffeeMorning has become a ‘tradition’ that started almost 30 years ago, in 1990.
Initially, it was a rather small affair with a simple idea: guests would gather over coffee and donate the cost of their cuppa to Macmillan in the process. It proved to be very effective and since the Macmillan Coffee Morning event has become a yearly ‘tradition’ raising over £200 million.
Last year alone, this event has raised an incredible £26,914,382 towards this great cause.
On the 27th September 2019, people all over the country took part in an activity that was tasty, fun and also helped raise funds and awareness for a truly worthy cause.
Cancer can be devastating news for anyone. With one in two of us facing this ‘enemy’ at some point in our lives, the money raised at the #MacmillanCoffeeMorning event throughout the UK will help everyone with cancer to live life as fully as they can.
Here at Citynet Insurance Brokers, all our staff got involved again in the world’s biggest #MacmillanCoffeeMorning.
Each and every one of us has made a special effort by baking, buying and bringing in the most delicious treats. As a result, we are very proud to announce that the Citynet Insurance Brokers team has raised a total of £592.74 that will be donated to Macmillan Cancer Support.
Well done everyone and what a team effort!
Let’s change lives with every slice!