Aon: Reform Or Say Goodbye To Premiums
NU Online News Service, Dec. 22, 10:30 a.m. EST ? The insurance industry must get serious about reforming its processes and improving its cost efficiency next year, or face losing insurance premium from corporate buyers who are increasingly seeking alternative ways to manage their risk, one major brokerage warns.[@@]
Aon Ltd., based in London, whose parent is Chicago-based Aon Corp., made the observation as part of its end-of-year market review. Aon Ltd. said buyers have responded to rising insurance costs, unpredictable pricing cycles and dissatisfaction with poor service levels by radically increasing their retention levels and seeking alternatives in their risk management.
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