The insurance industry needs to "get serious" about reform during 2004, or face losing insurance premiums from corporate buyers, warned Aon's end of year market review.
According to a report, the review said insurance companies who have given poor service levels in the face of rising insurance costs and unpredictable cycles, may find their policyholders seeking alternative ways to manage their risk.
Aon chief executive and chairman Dennis Mahoney said: "The message from buyers to the insurance market is quite simple: streamline the processes or lose the premium.
"2003 has proved that companies are quite prepared to consider increasing their levels of risk retention and finding alternative ways to cover their risks if they feel they are not getting value for money or the price is simply too high.
"Once this premium has left the market, it may never come back."
