Too many insurance companies are not getting the reinsurance deals they need. That's according to JTW Reinsurance Consultants.
JTW director of London operations Stephen Hartigan told Insurance Times that brokers and insurers need to improve the way they do business to address shortfalls in reinsurance arrangements.
He said that reinsurance brokers had recently cut deals that, "they thought were best for their insurance company clients".
Hartigan said: "Lack of clear communications when deal making is a problem in our industry - it's holding us back when we should be moving forward."
Hartigan also warned that insurance companies must change their ways of working.
He said: "Clients need to take much more care in terms of auditing and articulating their needs - and then rigorously researching the market place for the best deals on offer. Then and only then should they start speaking to their reinsurance broker.
"In their turn the brokers must beef up their act and take on a more consultative role in guiding their clients through the reinsurance maze, questioning them in-depth to discover their real needs and then give them options drawn from their wide experience."
