Competition between insurers helps brokers obtain better prices
Fierce competition between insurers on the European profile market allowed brokerage firms to obtain significant price reductions for various types of coverages. Thus, according to a recent survey by MARSH, the world leader on this market, brokers obtained on the European insurance markets discounts of 40-50% on property and motor insurance segments, of up to 30% on physical injuries segment and of up to 10% for D&O policies (directors and officers' liability insurance).
Regarding the Romanian insurance market, "the only significant fluctuations were experienced on the motor and property insurance lines. Thus, on the motor segment (Motor Hull and MTPL), there must be noted an increase of up to 10%, and on the property segment there is a price decline of up to 10%", details the local situation Cristian FUGACIU, General Manager, MARSH Romania.
An explanation in this respect is given by the fact that "high claims rate on the Motor Hull line and the new rules of the MTPL market led to price increases. On the other hand, increased competition on the lines dedicated to the property segment generated a greater willingness of insurers to negotiate, and the result of this situation is a reduction of prices practiced on the market for these lines", explains Cristian FUGACIU.
Author: Oleg DORONCEANU
on 26.03.2010
Comment this article
0 comments
|
