NU Online News Service, Sept. 30, 1:13 p.m. EDT
The cost of injury claims in the United Kingdom car insurance market has recently grown by nearly 30 percent annually, further stressing expense ratios and challenging many insurers' future profitability, according to Towers Watson.
Towers Watson asserted that competitive pressures and current low investment returns are leaving insurers in urgent need of finding a new competitive edge.
Ryan Warren, who leads Towers Watson's pricing and product management practice across EMEA, said insurers were able to write profitable business only a decade ago by employing strong business strategies around the strict targeting of niche markets and effective distribution channels.
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