Ernst & Young report warns insurers over competition and regulatory scrutiny
Insurers must change underwriting approach, according to research.
Insurers need to tailor their underwriting to combat both increased competition and regulatory scrutiny, research from Ernst & Young (EY) has revealed.
In its 2013 Item Club report, EY stated that general insurance premiums were up 2.5% in 2012, and forecast average growth of 3.7% during between 2013 and 2017.
However, it added that this was slower than the nominal GDP growth which was forecast to increase by 4.5% a year.
Furthermore according to EY “abundant capacity” has kept insurance prices
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