Insurance rate increases: You can run but…

Common sense from Zurich, courtesy of Professional Broking.

Yet again sustainability of rating is key.  

In a year when we have yet to see the kind of rate hardening expected despite insurers being hurt by a significant drop in investment income, David Smith, head of broker, European general insurance and managing director, UK general insurance, broker division at Zurich spoke to me in our television studio to emphasise the need to harden rates now in order to avoid larger premium swings at a later date. I asked David about some of the challenges facing insurers, brokers and customers when trying to introduce rate increases, ahead of a Zurich produced booklet entitled Rate Hardening Explained to be released with September’s edition of PB. We hope you find the video useful and would appreciate any feedback.

Andrew Tjaardstra

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