UK risk managers can compare limits and rates against peers, says AIRMIC
The Association of Insurance and Risk Managers (AIRMIC) and Advisen have launched a benchmarking programme for buyers of insurance in the UK.
The AIRMIC Benchmark Survey will be the only one of its kind in the UK where data is collected directly from risk managers.
AIRMIC said the results will provide members with benchmarking charts using peer group comparisons.
The data is designed to make risk managers more informed in considering the structure and expected cost of their insurance programmes.
The move follows a similar survey in the United States produced by Advisen for the Risk & Insurance Management Society.
Survey results will be provided both in the aggregate, to track the overall market, and for particular sectors in the UK. All results will be anonymous.
Commenting on the survey, AIRMIC chairman Colin Campbell said: ‘I’m genuinely excited about this initiative, which will have obvious and far-reaching benefits. It’s exactly the sort of support that our members say they would value.’
AIRMIC chief executive John Hurrell said, ‘We have long admired the RIMS Benchmark Survey and are delighted to work with Advisen on producing something similar over here. AIRMIC members and partners have been overwhelmingly supportive, and we look forward to providing the results to them and the market in due course.’
Mason Power, managing director of Advisen Europe, commented: ‘Advisen is delighted to partner with AIRMIC to provide this service in the UK, adding to the world’s largest online database of benchmarking. By combining this data with updated information about the size and sectors of operation, Advisen will deliver a highly tailored peer group comparison. Risk managers overwhelmingly ask for more limit and rate benchmarking before and during policy renewals’
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