Tough talking for testing times ahead
Insurers' assets are shrinking while liabilities increase, indicating structural change rather than a cyclic hardening, chairman and chief executive of Aon Dennis Mahoney tells Diane Smyth. And this is likely to lead to a shortfall of capacity for brokers and mean smaller brokers are squeezed out altogether.
Dennis Mahoney is chairman and chief executive of one of the biggestinsurance brokers in the world but at the moment he believes this does not
matter much. Mr Mahoney claims that the insurance industry is sick,
suffering from undercapitalisation so massive that it will have to be
fundamentally rethought. Under the circumstances, he says, competition
between brokers is the least of his problems.
Mr Mahoney believes the premium increases the industry is currently
experiencing are evidence of
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