A recent survey commissioned by Deloitte asked more than a hundred regional brokers about key issues.
Regional brokers believe the quality of claims service provided by insurers is more important than premium price, according to a new survey.
The survey, entitled The Regional Picture, was conducted by Deloitte Business Insurance Consulting. It asked 112 regional brokers of differing sizes about key issues, such as threats and opportunities, and which risks and services are most important to clients.
The brokers listed claims as the most important service provided to clients by insurers, with 75% of respondents saying it was very important.
But 29% of respondents rated the level of claims services provided as poor, while 54% rated them as fair. Less than 1% said they were excellent.
Cost of premiums was listed as the second most important service, with 73% of regional brokers listing it as very important. Just over 40% of brokers said range of covers provided by insurers was very important.
When asked about what factors they see as threats and opportunities to their business, regulation and health and safety were listed as representing the biggest opportunities, with each being identified by 15% of those brokers surveyed.
Broker networks and alternative risk transfer were also cited as presenting opportunities.
At 41%, insurer consolidation was listed as the biggest threat, followed by capacity at 36%. Flexibility of underwriters and direct insurers were also listed as causing concern.
Employers' liability was rated as the most important type of risk facing clients, at 85%, followed by public liability at 80%, property at 69%, and business interruption at 56%.
Brokers viewed asbestos and toxic mould and credit insurance as least important.
