Analysis

Brokers need to engage business owners to combat underinsurance in a hard market

By 2020-08-20T11:47:00

underinsurance

In a worse case scenario, brokers could face professional indemnity claims if their commercial clients are vastly underinsured. Insurance Times takes a closer look at the issue of underinsurance and how brokers can help tackle it

Underinsurance is not a new issue within the insurance sector, however the gradual shift from a soft market into a hard one has ramped up the potential risks for business owners who find themselves without adequate cover.

Rebecca Fuller, head of fixed asset management and insurance solutions, Europe, Middle East and Africa (EMEA) at financial consultancy firm Duff and Phelps, explained: “It is now a sellers’ market, with insurers having more control in dictating pricing, terms and conditions.”

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