Insurers will look to 'supporting brokers' in the future
Insurers will increasingly turn to “supporting” brokers as they attempt to tackle declining investment income according to Ageas MD, Mark Cliff.
Mr Cliff said that insurers “have to accept the fact of low investment income and that it can no longer make up for the shortcomings of poor underwriting. They need to focus on underwriting”.
He said that insurer capital would no longer be placed in loss making lines in an attempt to secure scale and that they would reappraise their relationships with the various distribution channels they used.
“They will look at their partners and distribution channels and will put more capital into the
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