Healthy capital and overly competing with AIG to blame
Willis’s latest spring update – a different kind of cat - has said expected price rises and the hard market have failed to materialise.
It gives three reasons:
- 2006 and 2007 produced record surpluses for insurance companies and., despite a poor 2008, the industry remains well capitalised.
- There are many new entrants as insurance is seen as a safe place for investors to put their money compared with the rest of the financial services sector.
- Companies are cutting or holding premiums because they are overly keen to complete for AIG’s business.
It said: “Not only is AIG under intense pressure to keep business, but competitors seem overly focused, sometimes intensely so, on the possibility of wresting business away from the market leader.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
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.
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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
