A majority of industry executives think the commercial insurance market could shrink over the next year
The commercial insurance market will remain unchanged or grow by less than 10% over the next year, according to the majority of industry executives polled in a new survey.
The executives believed they were in for a tough 12 months. Over sixty percent of those surveyed thought the commercial insurance market would ‘shrink’ or remain unchanged in that period.
The need for a clear business strategy was also highlighted. Enhancing customer service was seen as a priority by 72% of the executives polled.
The Insurance Network, a forum for brokers and insurers, carried out the survey during October 2008 with around 70 insurance industry executives.
What the survey revealed?
Over 45% of executives believe the most important business activity during the next 12 months is to 'consolidate profitable lines'
The 'impact of the global financial crisis' and 'business development strategies' keep over 70% of executives awake at night
The commercial insurance market will either remain 'unchanged' or will grow by less than 10% during the next 12 months, according to 63% of executives
Over 60% of executives believe the commercial insurance market will either 'remain unchanged' or 'will shrink' during the next 12 months
During the current financial crisis 72% of executives believe the primary business focus should be on 'enhancing customer service'
Less than 30% of executives believe 'reducing overheads' should be the primary business focus during the current financial climate