High commission rates factor in Hiscox UK personal lines pull back
The insurer also ended agencies with brokers and revealed it will be looking to double UK business under incoming leader Jon Dye.
The 4.9% drop in Hiscox UK’s personal lines business in 2021 came after the provider reacted to commission rates “in the 40s”, group CEO Aki Hussain told Insurance Age.
“It became quite difficult for us to be able look our customers in the eye and say ‘this is a pretty good deal’,” he commented.
“That is where we have essentially pulled back.”
Hussain, pictured, detailed the accounts were in the arts and private clients business.
“It is in the high value home segment,” he stated confirming
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