National News
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After Stormy 2008, P/C Industry Facing Uncertainty in New Year
National News • January 5, 2009
Ask agents and executives in the insurance industry about the new year and they'll say they expect that the market will harden, at least slightly. In fact, 73 percent of agents predict prices will ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: RE: I predict a rush to cash flow underwriting | iMod | Jan 6, 2009, 3:48 pm |
| RE: RE: I predict a rush to cash flow underwriting | concerned | Jan 6, 2009, 3:00 pm |
| RE: I predict a rush to cash flow underwriting | Curious | Jan 6, 2009, 2:17 pm |
| I predict a rush to cash flow underwriting | Jane Logan | Jan 6, 2009, 6:07 am |
| RE: Market turn in 2009? | CoverageBroker | Jan 6, 2009, 12:18 am |
| Market turn in 2009? | iMod | Jan 5, 2009, 2:26 pm |
| Back to article | ||
Subject: Market turn in 2009?
I found that quote interesting b/c I frequently see this from an underwriting standpoint, yet rarely if ever see or hear of brokers pointing out the problems associated with selecting coverage based solely on price. In most instances, the broker seems to just give up and place the coverage with whomever carrier requires the least amount of work which can result in claims on their own e&o.
Its important to note the role of the producer in pointing out the coverage differences btwn different policies and not just placing coverage where it's 'cheapest'
I feel its time for the brokers/producers to step up and start selling based on coverages, not price savings. Too often the brokers/producers will come to underwriting looking for price cuts just to match another carriers "questionable pricing and/or inferior form" when they could simply point out the coverage differences instead of taking the easy way out.
I'm not putting the blame solely on the brokers/producers but they certainly aren't helping by constantly asking for price cuts