Hardening Market is a Long-Term Shift, Warn Airmic and GVNW
Separate surveys of the insurance environment for corporate policyholders in the
The surveys were conducted by the
* Rates have risen for almost all businesses (94%
* The impact of the hardening market goes beyond price, with reduced capacity, an increase in exclusions, and unavailability of cover for some, having a significant impact on 2019 renewals.
* D&O rates have been hardest hit, with over 80% of respondents noting price rises in the
* There is frustration at poor or late communication from insurance partners (43%
* The majority of businesses (65%
Airmic and GVNW believe the results are a clear message to the market to improve service or trigger a long-term change in insurance buying habits:
"With prices rising, the service provided by insurers has to shine even more - it has to be perfect, and yet both surveys reveal customer dissatisfaction," comments
Airmic and GVNW believe that the survey results strengthen the view that current pricing conditions represent a long-term shift in market behaviour:
"Today's market conditions are notably different to previous hard markets which were cyclical and focused on price," comments
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About the surveys
Airmic and GVNW conducted separate surveys of their senior membership during January and
About Airmic
The leading
About GVNW
Founded in 1901 the "Gesamtverband der versicherungsnehmenden Wirtschaft e.V. - GVNW" represent insured companies from large listed global players to smaller family owned businesses. The GVNW supports its over 900 member companies with a team of in-house experts by offering consulting services on all commercial insurance lines. The popular events organised by the GVNW include the largest corporate insurance congress - the GVNW Symposium. The monthly magazine "Die VersicherungsPraxis" gives members and the market a profound views on current insurance topics.
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