Supporting Clients in a Changing Insurance Market
Overall, the global insurance market is hardening, with global commercial insurance prices rising on average 19% in the second quarter of 2020.1 Rate increases are now seen across most lines of business and in most geographies around the world.
As a result of these market changes, the renewal process is likely to be more challenging. Carriers may be more assertive in denying policy term extensions, paring back cover and limits, applying exclusions, and scrutinising claims more stringently.
Although each situation is unique, consider adopting the following steps with clients.
1. Manage expectations
Approach clients early in the renewal and negotiation process, and anticipate that more detailed underwriting information may be required. Communication is vital — inform your clients of emerging market trends that could impact their placement.
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