Society of Insurance Broking explains how to tackle hardening market

While the session was unable to take place at the scheduled time of 1.30pm yesterday due to technical difficulties with the virtual conference platform, an on-demand version is now available to watch here.

During the session a panel of insurance experts examined the causes of premiums increasing while capacity for most types of insurance has decreased, discussed when the current hard market is likely to end and explained what brokers can do to assist clients when cover is difficult or expensive to obtain.

Peter Blanc, group CEO of Aston Lark and deputy president of the Chartered Insurance Institute, said: "We are right at the worst part of the knee-jerk reaction where underwriters are dramatically increasing premiums. Some would say it is not just a hard market but an almost impossible market in some sectors."

When asked what insurance brokers could do to assist clients during the harden market, Liz Foster, non-executive director of the Society of Insurance Broking, said they should look to improve their communication skills and ensure they are seen as a trusted adviser.

Ms Foster said when she recently explained the background to pandemic insurance to a large business and asked them if they would have bought that cover, the conversation brought her closer to that client.

Mr Blanc agreed communication was key and added in-depth conversations with underwriters were vital to securing the cover required.

Kevin Hancock, managing director of Yutree and Chair of the Society of Insurance Broking, said:

"There is a whole generation of insurance professionals that are seeing this (a hard market) for the first time and it is creating a challenging business environment for many brokers and clients.

"In amongst these difficulties lies considerable opportunities for professional insurance brokers who can adapt, with high quality trusted advice being in ever greater demand."