Zurich will push for 5% premium increase in 2011
Insurers that do not put up commercial insurance rates this year are "heading for a fall", says Zurich managing director of commercial broker business Dave Smith.
He says that commercial lines need price increases of between 5% and 10% this year. "The really good insurers will get 5% of rate - we will get about 5%," Smith told Insurance Times at the 2011 Biba confereence in Manchester. "Some of the others will get zero rate increases or 1% - or go backwards - and they are heading for a fall. That is unsustainable."
Zurich is on track to achieving the 5% commercial lines rate rise. Having put through 2% of increases in 2009 and 3.6% in 2010, Smith says his company has achieved a 4.5% rise so far in 2011 excluding exposure changes.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet