Running for cover: the future of PII

For an industry that deals with tornadoes and terrorism, it may seem insurers would be able to tough-out most situations. So it’s a surprise to hear that one of its most challenging sectors is financial advice. The Keydata and Arch Cru scandals of recent years have posed a severe burden on PII providers, with a significant number withdrawing from the market. Those that remain seem destined to write more ‘exclusions’ into advisers’ contracts, preventing advice firms from accessing comprehensive cover. Normally, premiums would be set to rise, said Richard Turnbull, head of underwriting ...