Competitive insurance helps buyers get better deals

by Richard Kilner

Story link: Competitive insurance helps buyers get better deals

Insurance broker and risk adviser Marsh has reported that the worldwide insurance market remained stable in the latter half of 2009, despite the global recession.

This permitted numerous organisations throughout Europe, the Middle East and Africa (EMEA) to take advantage of reduced prices or bolstered insurance protection.

The report, Competition Nets Rewards – EMEA Insurance Market July-December 2009, analysed 42 countries and 10 commercial lines, and found that competitive pressure drove premium rate reductions in most insurance types.

Property and motor insurance both saw cuts of between 40-50% in price, with casualty and employers’ liability/workers’ compensation reduced by 20-30%.

However, whilst the overall trend was clear it was not universal, with exceptions including increases in trade credit insurance coverage, which rose by 50% in Greece and Lithuania.

Chris Lay, Marsh’s Sales Leader in Europe, the Middle East and Africa, has explained that many industries have been able to take advantage of the competitive insurance sector.

In January the insurance sector was excepted from new legislation in the Equalities Bill to allow insurers to treat people of different ages differently, to avoid damaging and help retain the competitiveness of the insurance sector.