What is it with these Eurossurers? First AXA, now Zurich are shamelessly staking out claims to extensive tracts of the insurance industry’s moral high ground, with the former recently banning feral fees altogether and latter sententiously stating this week that its TOBAs now require personal limes brokers to reveal any income they receive from such considerations.
With Britain’s beleaguered business ethics reputation still reeling from all that unfortunately publicity over certain ‘minor issues’ involving tabloids, MPs and policemen, it seems more than a little invidious for these oh-so-sanctimonious overseas insurers to be making a big deal of their high-minded indifference to a little extra filthy lucre.
But, as Insurance Times points out this week of AXA, “a decision to uphold referral fees could mean the French-based insurer misses out on a significant revenue stream, especially when it is expanding its personal lines motor book so aggressively through Swiftcover.” Yeah! That would teach them to get all high-hatish about things.