Underwriting boss Gary Humphreys says that there are already signs in 2012 that aggression is back in personal lines motor
Markerstudy underwriting director Gary Humphreys believes there are signs that the personal lines motor market is becoming aggressive once again.
Humphreys was speaking to Insurance Times following the announcement that it will back a new motor underwriting agency, called Xpekt, with £25m capacity.
Humphreys said: “The concern is that the vast majority of insurers returned to the black in motor, but we’ve already seen in the first few months of this year that some major insurers are coming in very strongly with, effectively, what can only be reduced rates.
“The danger is that all the good work could be quickly undone if people start seeing issues on volume. I have spoken to a couple of larger brokers this week who have said that the major carriers are down on the budgeted income with them. It is question of whether people hold their nerve or how they react.”
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