Allianz Cornhill general manager Chris Hanks said the insurance market was entering a “critical period”, with the possibility of a soft cycle looming ever closer.
But he disputed claims that the insurance market was already in the throes of a soft market.
Hank said excessive capital, high investment returns, weak leadership, lack of external regulation and excessive profits indicated that the market had turned soft, but the current climate, he claimed, was contrary to these factors.
“This is a critical period for the UK Insurance industry. It is a test as to whether we hold our nerve, display discipline and professionalism and rid ourselves of the worst excesses of the cyclical market dynamic,” he said.
