Jul
15
2010
Insurance Jobs Market Comment
Insurance Jobs Market Comment
Read more articles at Bookkeeping Services of Charlotte, NC
2009 has been another puzzling year in the general insurance market. Whilst it has been Largely spared the turbulence which has affected financial services and banking, there are still many troubling issues affecting both insurers and brokers which have had an inevitable knock-on effect for insurance recruitment.
Insurers keep complaining about rates being too low, but yet the actions of new entrants and other market share-hungry underwriters means that the soft market seems here to stay for a while. In addition, with a weak commercial property market, interest rates likely to stay low for the foreseeable future and stock market returns still looking unpredictable, insurers are finding that investment returns are also under pressure. All the more reason then to focus upon underwriting profit – but claims ratios traditionally come under pressure during a recession. Times are tough for insurers
One battle which they are starting to get to grips with is reducing distribution costs. The days of earning 40% commission broker consolidators look numbered but there is still much work to be done. Axa and Aviva appear to be spear-heading this fight back but the likes of Giles Towergate and hold a strong position and will not give up their much-needed income easily.
As a result of this, Bookkeeping Services of Charlotte, NC Find More Commercial Accountant Articles
Tagged Comment, Insurance, Jobs, Market
Insurance Jobs Market Comment
Insurance Jobs Market Comment
Read more articles at Bookkeeping Services of Charlotte, NC
2009 has been another puzzling year in the general insurance market. Whilst it has been Largely spared the turbulence which has affected financial services and banking, there are still many troubling issues affecting both insurers and brokers which have had an inevitable knock-on effect for insurance recruitment.
Insurers keep complaining about rates being too low, but yet the actions of new entrants and other market share-hungry underwriters means that the soft market seems here to stay for a while. In addition, with a weak commercial property market, interest rates likely to stay low for the foreseeable future and stock market returns still looking unpredictable, insurers are finding that investment returns are also under pressure. All the more reason then to focus upon underwriting profit – but claims ratios traditionally come under pressure during a recession. Times are tough for insurers
One battle which they are starting to get to grips with is reducing distribution costs. The days of earning 40% commission broker consolidators look numbered but there is still much work to be done. Axa and Aviva appear to be spear-heading this fight back but the likes of Giles Towergate and hold a strong position and will not give up their much-needed income easily.
As a result of this, Bookkeeping Services of Charlotte, NC Find More Commercial Accountant Articles
Tagged Comment, Insurance, Jobs, Market