Airmic 2016: Insurance lack of innovation tops list of concern for risk managers

Lack of innovation in the insurance market tops the list of concerns for risk managers, according to a survey of Airmic members that asked them to assess the insurance industry.

Some 59% of risk managers said lack of innovation dominated their list of concerns.

Among the areas of growing concerns, 41% of risk managers said broker conflicts of interest remuneration models, while 41% said errors and delays in documentation.

Airmic said concern about lack of innovation had more than doubled in two years.

The number of members of worried about broker conflicts of interest, has also increased to 41% from 8% two years ago to 41%, while those worried about broker-controlled capacity – has gone up to 25% from 3%.

Insurance documentation issues have also become a priority, with 41% mentioning it compared to just 9% in 2014.