Half of all European multinationals would be prepared to...
Half of all European multinationals would be prepared to trade premium rate reductions in return for greater cover from their property insurers, according to a new Aon survey.
Aon's 2005 European Property, Liability and D&O Report also found that the trend towards self-insurance is continuing to grow at pace, with a third of all captive formations in Europe coming in the last two years.
And insurers say they are willing to meet the demand for greater business interruption cover, with 72% of those surveyed saying they would consider broadening cover offered if buyers were to forego rate reductions.
Nick Maher, chairman of Aon's global property practice, said: “The message that is coming through loud and clear is ‘Give us better value and meet our risk needs or we're seriously going to consider self-insuring'.
Focusing on the likely impact of the 2005 hurricane season on the European corporate insurance buyer, Oliver Schofield, director of Aon's global property practice, said: “We do not expect the potential reinsurance market rate increases to be passed on wholesale by insurers to European corporate buyers.”
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.
