The majority of insurance experts believe the industry is over-dependent on investment returns, revealed a survey by Deloitte.
The survey of 80 senior insurance executives from around the world revealed that 86% of respondents felt improving their core insurance operations was the best route to strong profitability.
Only 11% of those surveyed said premiums were the most effective way to boost profitability, although 33% said losses on the assets had been the most important cause of rising premiums.
The most important factor in improving underwriting performance is having better information on risks, said 67% of those surveyed.
He survey also found that only 15% of respondents described their claims management process as excellent. Fewer than half believed their processes were good, with the rest describing them as fair.
Only 4% of respondents viewed conditions in their sector as excellent, said Deloitte.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
