Prescott Jones – Commercial Insurance Brokers

with Julie Heatley-Thomas - Senior Account Executive Prescott Jones

Committed to the principle of independent advice, Prescott Jones has been providing insurance and risk management solutions for business across the region for 30 years. We have an experienced and technically strong team of brokers working from our offices in Swansea, Cardiff and Bristol. 

Prescott Jones team members Mike Protheroe (Sales Director) and Julie Heatley-Thomas (Senior Account Executive)

Crucially, as we enter what is probably the hardest insurance market seen for a generation, we enjoy strong relationships with insurance markets locally, in London and @Lloyd’s. As insurance capacity is tight, the respect we enjoy in the market can shield our clients from its worst effects.

Mike Protheroe has worked in Insurance Broking for 34 years having held positions with both Provincial and National Brokers almost half of which has been with Prescott Jones. During this time, he has been involved in the provision and placement of all classes of commercial general insurance for a variety of trade sectors including civil engineers, construction, professions, motor trade & manufacturing. He enjoys sport, watching rather than participating, red wine, malt whiskey and spending time with his large family.

Julie Heatley-Thomas has enjoyed a career of over 25 years advising businesses from many industry sectors right across South Wales. She lives in Swansea and is often found walking with her black Lab Ruby. She likes to support her clients and strongly believes in promoting them amongst her network. The past few months have been challenging for everyone and as we all try to return to some form of normality, Julie is able to return to visit existing and new clients, following strict COVID safety standards of course and using online video link meetings where it is preferred.

What effect will Covid-19 have on the commercial insurance sector and what will this mean for businesses?

Lloyd’s of London Chief Executive John Neal has said that the coronavirus pan-demic is likely to be the most expensive market event in history, dwarfing other major disasters such as the 9/11 terror attacks.

There were several factors coming together even before Covid-19 that have been exacerbated by the pandemic.

Solvency II regulation reduced market capacity. Changes to the government set Ogden rate used to work out the size of awards on complex personal injury liability claims meant that insurers had to pay out significantly more on claims.

Insurers had begun to lose money out of the property insurance following years of low premiums and the incidence of large losses having increased. At least twenty £10m + fires occurred in tower blocks in Q3 of 2019 alone.

The country was hit by storms Dennis and Ciara. Estimates of the losses on the insurance industry are in the region of £400m.

So, the industry was under pressure entering 2020 and then the pandemic hit. It is estimated that the combination of insurance claims and investment losses will cost the worldwide industry more than £200 billion.

How will this feed down to local businesses?

Put simply, access to insurance covers will become more difficult and insurance pricing will increase significantly.

What should businesses be doing:

  • Seek independent broking advice.
  • Budget for insurance premium increases when business planning.
  • You should be discussing renewal of your policies 2-3 months before they expire.
  • Policy wordings may be altered by insurers as they come to terms with the impact of Covid, understand how this affects you.
  • Embrace risk management options and work with your broker to help sell the measures you take to existing or potential insurers.

Prescott Jones, Caswell House, 53 Walter Road, Swansea SA1 5PW

Telephone: 01792 459898 Web:




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