Financial strength rating a priority when brokers assess insurers
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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