This is the 200th post on the ethics and insurance blog, so if you don’t mind, I’ll take a quick look back at how it’s gone.
I started the blog in June 2011 and over the subsequent 37 months, I’ve averaged five and a half posts per month. That tallies to a little over one a week, which for a three year period, is a track record I’m pleased with.
The most popular post has been this one about dual pricing, followed by this one about the need for insurance firms to carry out an ethical risk assessment. Third place went to this post about motor subrogation costs. What I find interesting about this top three outcome is that they are all ethical issues that will continue to demand attention from insurance firms over the next three years.
Dual pricing is evolving into the even more thorny issue of price optimisation, something that could produce some serious unintended consequences for the insurance sector. And I believe the way in which motor repair subrogation evolves over the next three years could result in further questions being asked about that market’s practices – a sort of ‘referral fees 2’. You can join issues like these (and many others) together on a reputational map, using an ethical risk assessment, something that the UK regulator for financial services is urging all firms to undertake.
The blog has a loyal following, drawn roughly half from the UK and half from around the world – Europe, Asia, Africa and both North and South America are represented. I appreciate that many posts are UK centric, something that I keep on trying to lean against, on the basis that events in one country’s insurance market often have lessons that other countries should bear in mind: South Korea is one such case.
I have also tended to post more about the general insurance market and less about the long term market. That is likely to change over the next 12 months, as structural changes in pensions markets both here in the UK and around the world, create pressures that are likely to result in increased misconduct.
I thank you all for your many thousands of ‘views’ and hope that my next set of 200 posts will continue to provide you with topical and stimulating reading.
Duncan is the founder of the Ethics and Insurance blog and the author of its many posts. He's a Chartered Insurance Practitioner, having worked 18 years in the UK market. As an adviser to many firms on ethics issues, as well as a regular conference speaker, he is one of the leading voices on ethics and insurance.