Where is the insurance industry re: Brexit

We try to mention the dreaded ‘B’ word as little as we can on this blog.

Obviously we’re doing as much planning as possible for Brexit behind the scenes, but we know that you’re probably more than a little fed up of hearing about it by now. It feels like you can’t switch on the TV or radio without hearing about deals, no deals and some fall out between Theresa May and her party/the opposition/the eu (delete as appropriate).

But, with only 29 days (at the time of writing) until the UK packs her bags and leaves on the midnight train, we thought we’d take stock and analyse the current lay of the land where insurance is concerned.

So here is what we know, don’t know and what we need to work out when it comes to an insurance Brexit.

The general feeling

As with the rest of the country, the major concern from the insurance world is the uncertainty that still casts a cloud over the whole Brexit topic. As it stands (again, at the time of writing), the UK is heading for a no-deal Brexit. That means leaving the EU on the 29th March with WTO trade terms.

And that’s an unpopular state of affairs, at least as far as ABI Director General, Huw Evans is concerned. At a recent annual dinner, he claimed that a no-deal Brexit would be ‘an unforgiveable act of economic and social self-harm that the UK would live to regret’. Some pretty powerful words.

It’s a feeling that’s echoed by large swathes of the insurance industry. Whether for or against the UK leaving the EU, most agree that no-deal is not the way to go about it.

So the industry isn’t ready for Brexit then?

Well, not quite. In truth, no one can ever be ready for something that they’re not sure is going to happen. The UK will leave the EU, but at the moment, it’s anyone’s guess how they do it.

But having said that, there are measures in place to prevent chaos and limit disruption for insurance customers.

For instance, the FCA (Financial Conduct Authority) has already outlined how it will use special transitional powers to ensure a stable regulatory environment if the UK leaves the EU without a deal, according to this article on Insurance Age.

And actually, some insurers who have already made solid preparations for Brexit, are doing really well. Hiscox, for example, trebled its profits after completing preparations for Brexit.

So the insurance industry isn’t ready, to put it bluntly. But no sector can be fully ready with so much uncertainty. Insurers and brokers have put plans in place to protect customers. We know Romero have been doing this for some time.

It’s fair to say that the insurance industry is as prepared as it can be, and as much as any other sector.

‘But some of my business is based abroad, I don’t know where I stand’

This is an issue that’s come up a lot over the past few months; what’s going to happen to British businesses with foreign risks.

Unfortunately, as with most of the Brexit conversation, the answer is ‘it depends’.

It depends who you have as a broker, who your insurer is and what country your risk is in. Back in August, the Financial Times reported that ‘most large insurers have executed contingency plans to ensure cross-border contracts are honoured if there is a no deal Brexit’.

We’ve also had news that the UK has signed a deal with Switzerland to ensure the ‘seamless continuation’ of the current regulations. A similar deal has been struck between the UK and the US, and France have published emergency insurance plans for a no-deal.

All in all, it looks like there won’t be too much disruption, and the right work has been carried out by the insurers. But when it comes to Brexit, there is always a twist and turn around the corner. Therefore the best advice is to make the most of a broker who can use their experience and expertise to guide you through this uncertain time.

Uncertainty remains

In a couple of months’ time, when all is said and done, we’ll put together another one of these blogs. Hopefully things will be clearer by then. Until then, have faith that the insurance industry is doing everything in their power to continue plain sailing.

Romero Insurance Brokers are winners!

Last night, we attended the Yorkshire Financial Awards held at the New Dock Hall in Leeds. We were on the shortlist to win the Broker of the Year award, up against some stiff competition.

We’re delighted to announce that we took home the award! Yet another award win for Romero.

The win demonstrates our commitment to the service we deliver for our clients and the results we achieve.

Romero MD, Simon Mabb, said of the win:

‘We’re really proud that our dedication to clients has been recognised. We’re determined to be exceptional in everything we do, and award wins like this show that we’re getting it right. We’re one of the leading independent brokers in the UK; it’s important to us that the service is constantly at an award-winning level’.

If you’d like to know more about the awards we’ve won, or the service that’s helped us win them, contact us today. Just click on the contact button at the top of this page, or find us on social media. We’re on Facebook, Twitter and LinkedIn!

Learning how to use our new defibrillator!

This week, Romero’s staff have spent time learning how to use the new defibrillator which will be permanently housed on the outside of our head office in Leeds.

After having recently experienced the devastation that can come from heart-related illness, our staff are keen to prevent others feeling the same loss.

We’ve purchased the defibrillator in conjunction with a couple of other local businesses, as well as some incredible fund-raising by the different teams within Romero.

Why a defibrillator?

Without going too deep into the science, defibrillators administer a shock to try and recover the heart’s regular rhythm. They’re to be used alongside CPR and ‘mouth-to-mouth’ whilst the first-aider waits for the ambulance to arrive.

Put simply, defibrillators can be the difference between life and death. If someone collapses from a cardiac arrest, their chances of dying are significantly increased if a defibrillator isn’t used. In fact, according to the British Heart Foundation, for every minute it takes for a defibrillator to arrive at the patient, their chances of survival reduce by 10%.

Sadly, only 3% of cardiac arrests happen with the recommended retrieval distance of a defibrillator according to the Resuscitation Council.

Romero staff getting used to the equipment

They may be easy to use, but defibrillator training is still a necessity. The first aider needs to know how to apply the shock pads and when to administer the shock.

We’re delighted to say that a large group of Romero staff, spread from all different departments, are now knowledgeable about how to use a defibrillator.

Here are some pictures of them learning the basics from an expert trainer:

If you’d like to donate to the fund raising efforts, you can do so by contacting us through social media.

How a Leeds insurance broker has become one of the leading independents in the country

It’s a statement we’ve very proud of at Romero: not only are we fiercely independent, but we’re one of the leading independent brokers in the country.

With offices in Leeds, Manchester, Stockton, Halifax, Nottingham, the Midlands and London, we’re a truly national company who can support clients up and down the country.

A company doesn’t just become a leader in its field overnight. It takes strategy and commitment to principles.

And in this article, we wanted to share with you 5 of the reasons why Romero Insurance Brokers are the company we are today.

1.      We’ve got the experience

We’re more than 20 years old. Which isn’t that old in insurance terms. Especially when you consider that the first insurance contract drawn up is dated to 1347.

But the experience we have in this team is second to none. We have a number of staff who have worked in insurance for over 40 years. We have team members who have achieved great deals and won claims pay-outs for hundreds of clients.

And most importantly, we have employees who have worked at Romero since the beginning, way back in 1997. They stay because they know what a fantastic company this is.

2.      We put customers first

In fact, we’ve won numerous awards for it.

Blazoned across the wall as staff members enter their offices are the words ‘treat customers exceptionally’. It’s the company mantra that we follow in everything we do.

One of the reasons we’re one of the UK’s leading insurance brokers is because we maintain relationships with clients and have a very good retention record. When clients experience the service we deliver, they sign to stay with us time and time again.

You don’t achieve that trust and that relationship with clients unless you treat them exceptionally. We go the extra mile for our customers and fight for every cause.

3.      We care about our staff

We understand that our staff are our driving force. They’re the ones that deliver the outstanding service to clients.

In order to do that, they need to feel appreciated, motivated and fighting fit. That’s why we put such emphasis on their wellbeing.

You may have read on our social media platforms recently that we’ve signed an agreement with hero wellbeing. They’re created a fantastic app which allows users to track their mental and physical health, set themselves goals and targets and learn more about fitness and nutrition.

We invest in resources like hero so that our clients can get the very best from our team members.

4.      We’re specialists in different areas

It sounds contradictory to say, but we specialise in a number of different markets. We have a team in Manchester who support our Sport and Leisure clients, we have a division in Leeds for Private Clients, our Halifax office supports Dean Clough Mills…we have teams working on specialist areas so that they can give the best possible advice and service.

We’re not a ‘one-size-fits-all’ kind of company. We like to ensure that the person working on your account is the very best person for the job.

5.      We’re committed

At head office in Leeds last month, our chairman, Justin, spoke to a number of staff about the future vision for Romero.

We’re not giving anything away by telling you that, because the message was that we’re going to continue delivering the independent service we always have. We’re not selling out or restructuring. We’re dedicated to maintaining the relationship we have with clients long into the future, and gaining new relationships as we do so.

We’re committed to our customers old, new and yet to come.

This Leeds insurance broker, which has become a Manchester insurance broker, a Halifax insurance broker, a Stockton insurance broker, a London insurance broker, a Nottingham insurance broker, and now one of the leading insurance brokers in the country, by being committed to doing the best for our clients. It’s that simple.

If you’d like to talk to Romero about the market-leading and award-winning service we provide, call us today on 0113 281 8110.