Head of Axa Corporate Solutions calls for corrective action
A leading personality in the international insurance industry has said that if the current soft market cycle taking hold is to flatten out, then premium rates must be stabilised if insurers are to achieve stable and adequate pricing which means restoring underwriting discipline.
Jean-Paul Rignault, chief executive of Axa Corporate Solutions, was speaking at the close of a seminar in Bristol for clients and brokers arranged by the UK branch of the company.
In a wide-ranging review of the market, he added: “Clearly, we would like to avoid a sudden and tough wake-up situation as happened in 2000/2002, with another very hard market cycle. Stable and adequate rates will help everyone, not just underwriters but clients and brokers too.”
Referring to the sub-prime mortgage
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