UK corporate insurance premiums fall by 20%, according to Aon
UK companies are seeing their insurance premiums fall by up to 20% and they could continue to benefit from a competitive market until 2009/10, according to Aon, the UK’s leading insurance broker. Speaking to south west companies at SS Britain this week, Mark Crawford, broking director at Aon, advised businesses that now is the time to focus on managing business risks in preparation for the next big shift in rates.
A combination of fewer claims, more proactive risk management and new insurers, such as QBE, has lead to increased competition and reduced rates. Insurance brokers are negotiating up to 20% decreases in premium for cover including property and liability. And this comes at a time when the risks to business are increasing, as the Corporate Manslaughter Act, a 15% increase in employment tribunals and a 2007 record high for product recalls could lead to more liability claims.
Mr Crawford commented:
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