The insurance industry is set for customer defections as more commercial groups cover their risks by setting up mutual insurers.
According to reports, experts are concerned that a decision by seven of the world's largest drugs companies to form a mutual insurer, could prompt an exodus.
Andrew Tunnicliffe, managing director of structured risk at Marsh UK, told The Times sector-specific mutuals are, "definitely back the agenda of companies".
Tunnicliffe said transport companies were discussing considering setting up their own insurer, and a group of food retailers has commissioned feasibility studies.
The rise of mutuals follows steep hikes in premiums, fuelled by a surge in insurance claims.
Mutuals are becoming increasingly attractive as many industry sectors face escalating costs for cover.
