1980, an interesting year; the UK had only been in the EU for 7 years, and many of you reading this were probably not born or were still much too young to think, or indeed care about things that were happening in the world, the UK, or perhaps our small Island.
When Channel Insurance Brokers Limited (CIB) was formed, the world of Insurance was quite a different place to work in from that which exists today. As with the UK/EU relationship, there has been a move towards centralisation and globalisation, much of which is perhaps natural and given the changes in technology in speed, scope and complexity maybe that was inevitable and might be a good thing.
Those changes have had significant changes on the way in which the Insurance world works and how it delivers its services to the public.
The 1980’s saw the acceleration of many things, much being led by the political changes taking place in the UK with Margaret Thatcher at the helm, and the move away from the dark days of the strikes and industrial disputes which had plagued the 60’s and 70’s. The call for “free markets” and self-achievement took hold, with Sloan rangers and city slickers becoming part of everyday conversation, the UK and Guernsey were on the move with change coming at a fast pace.
The oil crisis in 1973 had already seen the start of what became a pretty quick reduction in the growing industry in Guernsey, and finance began to become the replacement employer of those Islanders who might in earlier years have been working in Horticulture.
Jersey had started its interest in finance in the 1950’s and 60’s, so we were a bit behind, and although we did attract Banks and Investment houses, the area where we established ourselves as a world leader was in the Captive Insurance market, and that continues very successfully today.
These changes in business life and employment also affected the type of insurance that CIB offered its customers. The number of growers and glasshouses requiring Insurance declined, and the reduction increased dramatically in 1987, with the severe snow in the February, and the Hurricane in the October.
Literally with the latter many nurseries and glasshouses were blown away overnight. It was one of the busiest years in terms of claims for anyone working locally in insurance, both Insurers and Brokers, and all have stories to tell of these claims and the damage incurred. We at CIB are no exception.
During the 1980’s and beyond the focus for Brokers like CIB turned to the tourist industry, Hire Cars and Trust companies and Investment Houses became the everyday clients, along with the increasing personal clients with new Houses and cars to insure.
The most recent major change has been the Insurance Law in 2016, which replaced the previous 1906 law and was intended to change things for the better.
Sadly, the early signs are this is not achieving what was anticipated with Insurers taking a more obstructive stance when dealing with claims. In particular it is an almost daily experience to either read or hear of someone who has taken out a direct or on-line product, to be told there is no cover when a claim is made.
Throughout the past 40 years, CIB has continued to offer the best service it can to its clients, and the fact that the Company is still here, and over the past 12 years has grown in size considerably, says something about how successful our efforts are, to make sure we do our utmost to deliver the service our clients require.
The world today has changed beyond recognition and the one thing we can be sure of is that CIB, although having changed with the times in terms of technology and knowledge, has maintained its professional standards and desire to look after its client’s interests above all else.
In the current insurance climate, the need to deal through a Broker who knows what they are doing is in my view more important today than it ever has been when it comes to arranging one’s Insurances. It is simply not sensible to risk one’s belongings or life trying to save money by arranging it yourself unless you really know what you are doing. Reliable Insurance Brokers like CIB can and will help.