PB Week: Market expert says insurance brokers could thrive in downturn
Peter Allen, partner at the market services group at advisory firm Grant Thornton and a former broker, believes that insurance brokers could thrive in a downturn, writes Andrew Tjaardstra, editor of Professional Broking .
Speaking at the PB Management Event in Bolton, Allen told an audience of broker managers: "In an economic downturn the price of risk goes up and clients worry about downsides [to their businesses]. I remember broking in the seventies and insurance brokers thrived. Reduced investment fund returns [for insurers], will help the market harden. Also rising inflation helps brokers as asset values rise." However, he cautioned that a hard market was not inevitable: "There is excess capital to be
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