At a potentially difficult time for PI brokers and insurers alike, I felt that the article on PI rates in the 6 May issue was misleading. Your source claimed that Hiscox is cutting 20%-30% from its rates for renewals previously placed through Dickson Manchester, which is simply not true.
We have worked hard with our brokers to try to create a stable and sustainable rating environment for PI and would not want to threaten this by applying sweeping or unwarranted premium cuts. As always at Hiscox, each risk will be carefully underwritten on its merits.
Our brokers win and retain business on the strength of our offer and the service our underwriters can provide on both the placing and claims side of the business. Price is a key factor for customers but it is not the only reason for selecting an insurer, and we are confident it is not the only reason why customers choose Hiscox. We have been encouraged by the strong uptake we have seen so far on these renewals.
I would appreciate you publishing this letter to ensure that any price wars which may erupt are not encouraged by the Hiscox PI Underwriting team.
Gary Head ACII Chartered Insurer
Hiscox PI underwriting manager
Letters intended for publication should be sent to Insurance Times, 30 Cannon Street, London, EC4A 6YJ, or faxed to 020 7618 3499, or emailed to letters@instimes.co.uk
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