Financial strength rating a priority when brokers assess insurers

survey

Brokers are placing much greater emphasis on the credit ratings of the insurers they deal with, according to a recent survey by NIG.

The research, which consulted 100 commercial brokers of various sizes, found that nearly nine out of 10 (85%) felt ratings had become more important in the wake of the financial crisis, with 51% of those believing it was 'absolutely' more important.

When evaluating an insurance firm, 84% of respondents to the survey thought financial strength rating came first, followed by an insurer's solvency ratio (41%) and level of gross written premium (35%).

Tellingly, 31% of those surveyed said they

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Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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