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Define hard market in insurance

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Reference no: EM133052008

You are the Underwriting and Pricing Manager for a commercial insurer.

The insurer specialises in property insurance. Over the last 12 months the market for property insurance has hardened. You have not recently reviewed the property insurance pricing model and, as a result, the insurer is writing more new business, which has been taken from competitors. This new business written is not as profitable as the existing book of business and claims costs are higher than anticipated. Therefore, you will review the pricing model. In particular, this review will consider insurance broker commissions, and premium loadings and discounts.

(a) 1) Define Hard market in insurance

2) Explain, with justification, the implications for the insurer of the current pricing model.

(b) Identify, with justification, three actions to improve the underwriting performance.

Reference no: EM133052008

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