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The incoming act will create a significant amount of uncertainty for insurers
Dishonesty costs the insurance market considerable amounts each year. The severity of the issue can range from an exaggerated household claim to mass fraud.
EVERY assured (and broker) knows that, when purchasing insurance, full disclosure of all facts that are likely to be material to the insurer’s underwriting decision must be disclosed, failing which the insurer will be entitled to avoid the policy.
ELECTRONIC trading is becoming increasingly commonplace in the market.