APC to introduce new underwriting strategy
Underwriting agency APC has introduced a new area rating underwriting strategy for the lower crime level areas of the UK and Northern Ireland.
Changes to flood and subsidence areas have also been taken into account.
As a result of the introduction of area rating the rates for some risks have reduced significantly, APC said.
Minimum premiums have also dropped by up to 40% for all SME products including shops, restaurants and offices.
APC underwriting director, Ian Russell said: “Although APC is successfully growing its overall book of SME business we were previously uncompetitive in low risk areas, especially on minimum premiums. Obviously this needed to change and we were able to use broker feedback to shape our thinking.
“The result is a radically changed underwriting philosophy for this type of business, which we expect will enable APC to win a greater share of this important market segment.”
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