New year, new start
The last 12 months have been difficult for the commercial insurance market, but there are signs that 2013 could see an upturn, says Paul Upton
The UK commercial insurance market remained fiercely competitive last year. Intermediated SME business appears to be the ‘new’ private motor for many insurers, a class they feel that they must be in regardless of prevailing rate strength and underlying profitability. Continued over-supply of capacity and the lingering effects of the economic downturn have made it difficult for insurers to adjust the pricing on their portfolios.
The direct effects of historic under-pricing in the sector were
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