In today’s Evening Standard Anthony Hilton extensively quotes Mactavish CEO Bruce Hepburn’s advice to Lloyd’s, suggesting that the London market should welcome the changes to rules around late payment of insurance claims. The changes, included in the Enterprise Bill, will hold insurers to account and encourage customers, hitherto put off by the unequal legal environment, to place business in London, Bruce Hepburn points out. Anthony Hilton also references Mactavish’s “justifiable reputation as the UK’s leading expert on the reliability of insurance contracts”.
The article summarises Lloyd’s’ objections to the change, which would require insurers to pay claims in a reasonable amount of time, and Lloyd’s’ suggested amendment to the Enterprise Bill. This amendment would see this positive change not enacted for many businesses. Anthony Hilton concludes that “the chief executives of the London market are on the wrong side of history and it really is not clever lobbying to put pressure on the Treasury to side with the dinosaurs.” The article ends with the suggestion that Bruce Hepburn’s advice to Lloyd’s is “good advice. The London market should take it.”