Teeonethousand
Registered user
I notice that AXA have withdrawn from the motorcycle market …..less competition does not help competition and prices. 
AXA withdraws from Motorcycle Insurance Market as of March 2024
- Thread starter Teeonethousand
- Start date
Not good. Currently with Ageas but often flip between Ageas & Axa. Here;s an article about the situation https://www.insurancetimes.co.uk/news/axa-to-withdraw-from-motorcycle-market/1451071.article
One hopes they do like they have done with travel insurance and set up a separate trading arm registered in Belgium, Inter Partner Assistance SA.
One hopes they do like they have done with travel insurance and set up a separate trading arm registered in Belgium, Inter Partner Assistance SA.
Yup - I was suprised that my renewal had listed that Axa didn't want to insure me, had me concerned for a moment! Cornmarket offered KGM instead
A Lloyd’s syndicate; pretty good though not necessarily always the cheapest, straight off the bat.
Well this is crap, I'm with AXA directly. Is this impacting their retailing of policies or ones directly with the company..
it might not affect you in Ireland. I have only seen news stories about the UK market. Axa does not sell direct to market for bike insurance here. Just via brokers
According to the article linked in Wessie’s post, Axa only sold motorcycle insurance through brokers. I guess though there might be some bods who dealt directly with the company, though I assume very few. According to the same article, Axa have simply said “After 01 March 2024” no more UK motorcycle insurance.
It happens; insurers come and go. I assume that Axa probably don’t make too much money out of the class of business, so they can take the capital it ties-up and redeploy it somewhere more useful. There is no sign that Axa are closing down the motorcycle insurance offerings in France, Belgium or Switzerland; just the UK.
He's in Ireland so maybe Axa does sell direct there. The UK website https://www.axa.co.uk/ does sell other types of insurance direct.
Maybe the first of many insurers to withdraw from the motorcycle insurance market, noting the higher theft losses
It may get a bit bumpy in 2024/25
It may get a bit bumpy in 2024/25
Ya I'm Ireland direct. Fingers crossed won't have to deal with moving. Less competition is crap for everyone.
Question for Wapping..
Why do insurance companies go through brokers?
Why dont they just cut out the middle man and deal with the public direct?
Why do insurance companies go through brokers?
Why dont they just cut out the middle man and deal with the public direct?
I'm with Principal.....but I think AXA are the underwriter.
Nutz.....
Sent with a Zen10
A. It cuts down their distribution costs massively. In short, they pay the broker(s) a fee for selling the product. The process is largely automated anyway, through the online portals, which the brokers have invested in.
B. It saves the insurer employing umpteen staff (chimps) to do nothing more than listen to other chimps debating whether changing a tyre is a modification.
My car was with KGM, in May 2022, when a van ran in to it causing £15,000 of damage. I had poor quality video of the incident from an adjacent house but the assessors said it wasn't clear who was at fault from the video and they'd just settle on my behalf.
I believe KGM contract out the assessment of accidents and claims, so I managed to find out who the claims manager was for KGM (by checking who was responding to KGM reviews on Trust Pilot), and asked to speak him directly. He checked out the video and agreed we had a case and made sure a solicitor was appointed to take it to court if the 3rd party insurers wouldn't pay up.
I've been waiting for a court date for 15 months, hopefully it'll all come out in the wash.
So, in my book, KGM are pretty good. They've sorted out my car (although it took 6 months due to unavailable parts because of COVID), they paid for a hire car for me until I got mine back, and are supporting the claim going to court. It's just a shame I had to deal with some numpty's in the first place who didn't review the evidence properly until I spoke to the organ grinder!
same reason you don't buy salty snacks direct from Walkers - so many different varieties (motor, home, business etc) underwriters just box them up and stick them on the shelves of broker shops like other consumer goods. There are even intermediaries between the underwriters and the retail brokers, like Booker Cash n Carry does for corner shops.
Not uncommon for the broker to be charged with claims handling and they might outsource it. I had the same with a house claim for my mother after a water leak. The broker was faffing about moaning because we wanted to bin the water damaged fitted furniture and replace with separates despite this being cheaper than replacing like for like. Went direct to the underwriter Groupama and as soon as they saw it was a lower amount the furniture was ordered straight away.
Same here. Not had time to call Belfast yet. Cool story, I know.
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All these intermediaries, taking their slice out of £120. They must be rolling in it; thieving scumbags.
Mr David Bearman seems to be making enough out of his brokerage empire to finance his sons' expensive hobbies.
Just 1% margin on $1 billion GWP per annum is a tidy sum. I'm sure it's a bit higher than that.
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