In its 1H Insurance Market Update 2016
, Aon reported a global trend towards flat rates in the professional indemnity market.
The report said all signs in the local market point towards a continuation of flat renewals in times ahead. Capacity, the report claimed, remains as high as ever, but the level of competition is creating a ‘best-practice environment’, where players are being compelled to provide the best wordings possible in order to compete.
For the second year in a row, our broker readers were asked to name the top PI player in the agency space in Australia for our Brokers on Underwriting Agencies survey and, once again, DUAL Australia
has come out on top. Commenting on its PI offering, one survey respondent said DUAL “cater[s] for the majority of occupations at competitive prices, underwriting staff [are] helpful when needed [and] they also listen to feedback”.
Certainly, a business will win respect from its clients where it demonstrates its effectiveness in taking on board the comments of those clients.
High Street Underwriting Agency
also picked up a second medal here, taking silver. One surveyed broker told Insurance Business
about an interaction they’d had this year with the agency, at which time they were looking to organise both PI and public liability coverage for a client.
“This was a hard-to-place account… and no-one wanted to quote”, the broker said. “However, High Street came to the party and [has] delivered the quotes, bound the cover, plus done all the endorsements requested ASAP. The company has grown and so has the policy, but High Street [is] always happy to help.”
Taking bronze is Solution Underwriting, which also received its own strongly positive feedback, commended by one broker for “excellent service and staff available to discuss [and] review, and [who] go out [of] their way to try and assist with clients’ requirements.”