Soft market a ‘critical opportunity’ for brokers to tackle underinsurance
Brokers are increasingly seeing their role as pivotal in fixing underinsurance, with 87% agreeing they should proactively address it, up from 80% last year, according to Aviva.
However, only a minority of brokers are talking to their clients about sums insured ‘regularly’ (24%), the insurer found. It added that 60% talk with clients about it ‘sometimes’, and 14% ‘rarely’.
Aviva claimed this gap suggests practical barriers continue to prevent underinsurance being addressed consistently.
Some 82% of brokers plan on using the soft market to address underinsurance, representing a “critical opportunity”.
According to Aviva’s annual Broker Barometer, 68% of brokers reported an
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