An Aon survey has found that 60% of people believe the current hard market conditions show a fundamental structural change in the insurance market, as opposed to the traditional cycle of hard and soft market conditions.
Those surveyed were more than 250 attendees at Aon's Energy Insurance Seminar, recently held in Abu Dhabi.
Other findings included the importance attributed to difference aspects of insurance. Around 25% rated coverage as their chief concern, 25% rated security, while price only came top for 22%.
Chairman Dennis Mahoney said: ""The current market changes are not just another cycle, but represent a fundamental shift.
"There has been tremendous consolidation among carriers as losses continue to dramatically increase in severity and frequency. Consequently we are seeing carriers shy away from the volatility characteristic in the global market, and moving into safer, more predictable areas such as personal lines.
"At a time like this, it has never been more imperative that buyers of insurance are thinking strategically in their risk financing," he added.
