RMs Dont Get No Satisfaction

|

The results of AIRMICs recent survey of U.K. risk managers didntjust rank the respondents top risk-related concerns, but revealedthat less than a quarter are satisfied with insurance availabilityand pricing.

|

On a positive note, however, nearly 90 percent of risk managersthat use brokers feel theyre getting good service.

|

Some of the key findings in the AIRMIC survey include:

|

76 percent of risk managers surveyed were dissatisfied or verydissatisfied with the availability of commercial insurance.

|

77 percent were dissatisfied or very dissatisfied with the priceof cover.

|

While 92 percent described their relationships with their leadinsurers as good or very good, 41 percent said they had changedtheir lead insurers during the past two years.

|

Risk managers who use brokers were generally happy with theservice received, with 88 percent describing it as good or verygood.

|

65 percent were either very satisfied or satisfied with claimspaying

|

60 percent of the risk managers said they had not been incontact with their reinsurers during the past year, while 40percent said they had.

|

Survey results related to expectations regarding insuranceprices found that risk managers expect the cost of liabilityinsurance to rise over the coming year with 90 percent expectingemployers liability to be higher or much higher, 92 percent fordirectors and officers, and 89 percent for professionalindemnity.

|

The cost of property, motor and business interruption isexpected to be far more stable.

|

On the subject of self-insurance, 86 percent of risk managersexpect to make greater use of self-insurance (such as captives andretentions) in the next five years and no one expects to reduceself-insurance.

|

As for board interest in insurance, 83 percent said their boardshave shown more or much more interest regarding insurance ingeneral.

|

At the same time, 77 percent of the boards of respondents haveshown more or much more interest in D&O insurance, while 65percent have shown more or much more interest in risk management(excluding insurance).


Reproduced from National Underwriter Property &Casualty/Risk & Benefits Management Edition, August 18, 2003.Copyright 2003 by The National Underwriter Company in the serialpublication. All rights reserved.Copyright in this article as anindependent work may be held by the author.


Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.