All fall down?
Outsourcing to premium finance providers is becoming more popular with brokers and insurers but the knock-on effect when one company in the chain goes bust can be disastrous. Ian Jerrum explains.
Premium finance is still a relatively young product within theinsurance world. Current estimates of the size of the general insurance
market are around £25bn a year in gross premiums and rising, with £4bn
accounting for third party finance. The remaining balance relates to
insurers' own schemes or insureds paying in full. In today's competitive
market, offering instalment payment plans is rapidly becoming the way
forward, particularly at a time when interest rates are low and premiums
are
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