Brokers’ own PI – a rock and a hard place
With pressure on terms and insurers not paying out on claims as readily as before, Charles Manchester warns that premiums for brokers’ own PI are on the rise
So, we’ve been through year after year of ever softening market. They won’t admit it but a lot of property and casualty insurers are probably now “cheating”, not recognising the extent to which rates have fallen and policy terms have widened. Our industry’s record for getting reserves right in a soft market isn’t great. And it’s been a long soft market. It’ll end in tears for many and blood on the carpet for more than a few.
The market is totally obsessed with price. That’s all you ever see in
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