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How to protect P&C profits under pressure

The current financial climate is forcing MGUs, MGAs and insurance carriers to compete on price. Here are three ways to do that.

By Kathy Hickey | February 13, 2023 at 12:00 AM
In 2023, the success of your P&C business will be closely tied to how well you manage to find ways to address financial challenges, while reducing costs and pursuing initiatives that will increase your competitive advantage. (Image: Rudzhan/Adobe Stock) In 2023, the success of your P&C business will be closely tied to how well you manage to find ways to address financial challenges, while reducing costs and pursuing initiatives that will increase your competitive advantage. (Image: Rudzhan/Adobe Stock)

Inflation is driving costs even higher and faster in most markets, undermining underwriting profitability throughout the modern insurance landscape. Managing general underwriters (MGUs), managing general agents (MGAs), insurance carriers, reinsurers are all feeling the pressure as customers look for savings.

Motivated by price, as many as one in ten of U.S. consumers are now shopping around for new insurance providers, according to the consultancy firm Bain. The same is true for small and large businesses.

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