When the show doesn't go on ...
Rock-bottom rates and the added strain of new entrants have led to tough conditions in the contingency sector. Those brokers that still catch the limelight look beyond basic cover, Shona Cronin finds.
The contingency market is competitive and under-priced. Rates acrossthe board have plummeted over the last few years, with the non-appearance
market being one of the hardest hit. Insurers and brokers say rate
increases of 50% are required, and in the cancellation and abandonment
market, hikes of 25-30% should be imposed.
Despite these tough conditions, there is a continuous drip of new entrants
into the market, which is placing further strain on existing players.
There is agreement between the
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