Covid-19: Are MGAs outperforming insurers in responding to the crisis?
Brokers say pandemic is an opportunity for MGAs to grow their market share as insurers shy away from writing new business.
The coronavirus outbreak could lead to managing general agents taking a larger share of the market after insurers have been slow to respond, according to brokers.
Jon Newall, chairman at Lockyers, stated that MGAs are being more flexible and willing to write business now than the composite insurers.
“An MGA will always react to market changes faster than an insurer, they can quickly adapt to change whereas composite insurers tend to be like oil tankers, they take a while to change direction,”
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