Norwich Union (NU) said it has written to its brokers urging them to back the industry's drive to call a halt to the boom-bust volatility of the underwriting cycle.
NU underwriting and pricing director John Seaton said: "Breaking the pattern of constantly fluctuating premiums is in everyone's best interest – intermediaries and their clients, as well as insurers.”
He urged brokers to support an initiative to bring around greater stability within the market.
“Chasing the lowest premiums for clients may well gain brokers short-term popularity but unsustainable prices will inevitably lead to over-inflated hikes in the future," he said.
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