The Insurance Network Survey Warns Of Troubled Times Ahead

The Insurance Network, a strategy forum for senior brokers and insurers, has issued the results of a director level survey, carried out during October 2008 with over 70 executives from leading international insurance and brokerage organisations. The survey revealed that

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The Insurance Network, a strategy forum for senior brokers and insurers, has issued the results of a director-level survey, carried out during October 2008 with over 70 executives from leading international insurance and brokerage organisations.

The survey revealed that:

– Over 45% of executives believe the most important business activity during the next 12 months is to ‘consolidate profitable lines’

– The ‘impact of the global financial crisis’ and ‘business development strategies’ keep over 70% of executives awake at night

– The commercial insurance market will either remain ‘unchanged’ or ‘will grow by less than 10%’ during the next 12 months, according to 63% of executives

– Over 60% of executives believe the commercial insurance market will either ‘remain unchanged’ or ‘will shrink’ during the next 12 months

– During the current financial crisis 72% of executives believe the primary business focus should be on ‘enhancing customer service’

– Less than 30% of executives believe ‘reducing overheads’ should be the primary business focus during the current financial climate

“Given the current economic conditions it is easy to see why executives from the insurance industry are predicting an uncertain future,” says Jeremy Burgess, director of The Insurance Network. “The current market conditions have highlighted the need for a clear business strategy more than ever and today’s research confirms industry executives believe they are in for a tough 12 months ahead.”

“On Wednesday 26th November the Insurance Network will be running its 3rd annual congress, a one day event focusing on maximizing profit in a changing market,” says Burgess. “A similar survey will be carried out at this event and we look forward to comparing and contrasting the results to see the movement of industry opinion during the next few turbulent weeks.”

D.C.

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