On the occasion of the mid-term meetings organized each year by BIPAR, CGPA Europe released its now traditional Observatory on Insurance intermediaries, entirely dedicated to the profession. The main topic of this new edition is of course the pandemic, with a particular focus on its impact on 7 European markets : UK, Ireland, France, Belgium, Germany, Italy and Spain.

This year, CGPA Europe devotes part of its stu­dy to the legal impact of Covid-19 on the Insu­rance sec­tor, and on busi­ness Inter­rup­tion cover in par­ti­cu­lar, which lies at the heart of insu­rance debates lin­ked to the pan­de­mic. This ana­ly­sis shows that the situa­tion is rela­ti­ve­ly uni­form in Europe, with the majo­ri­ty of dis­putes essen­tial­ly tar­ge­ting insu­rers and few claims invol­ving the lia­bi­li­ty of insu­rance intermediaries.

CGPA Europe also conti­nues to build up its legal data­base of claims against insu­rance inter­me­dia­ries, to give rea­ders an over­view of the main sources of claims in Europe, and the best prac­tices to adopt to avoid them as much as pos­sible. The main source of claims in this year’s deci­sions relates to the obli­ga­tions on insu­rance inter­me­dia­ries in res­pect of pro­vi­ding infor­ma­tion and giving advice, once again high­ligh­ting the impor­tance for inter­me­dia­ries to ensure that they keep a docu­men­ted record of all com­mu­ni­ca­tions with, and docu­ments pro­vi­ded to their clients.

From a more “busi­ness orien­ted” pers­pec­tive, the bro­chure also gives a voice to the heads of each mar­ket where CGPA Europe has deve­lo­ped acti­vi­ties, who have given us their views on the prac­ti­cal impact of the pan­de­mic on their res­pec­tive mar­kets, as well as on hot topics not rela­ted to Covid-19.  

To finish, CGPA Europe com­pletes its stu­dies on data of the inter­me­dia­tion mar­ket, under­lying the fact that the total glo­bal pre­mium volume is expec­ted to exceed $7,000 bil­lion in 2022 for the first time, while the glo­bal eco­no­my has been hit hard by the effects of the pan­de­mic. This good news for the insu­rance sec­tor is to some extent due to the rapid deploy­ment of vac­cines and large-scale fis­cal sti­mu­lus has fuel­led a stron­ger-than-expec­ted eco­no­mic rebound, rai­sing glo­bal growth forecasts.

What is the Observatory ?

Eight years ago, CGPA Europe had the idea of buil­ding up an enri­ched and upda­ted data­base avai­lable to eve­ryone, pro­vi­ding an ori­gi­nal insight into the know­ledge of the inter­me­dia­ry pro­fes­sion. This publi­ca­tion is now a refe­rence in the world of intermediation.

The main fea­ture of this unique publi­ca­tion is its claims update, upda­ted each year by CGPA Europe’s lawyers, pro­vi­ding an over­view of cur­rent claims against insu­rance inter­me­dia­ries. This stu­dy the only real Euro­pean data­base on insu­rance inter­me­dia­ries’ liability.