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City brokers caught in middle of rates catfight.
(From Lloyds List)
Byline: Jon Guy
AS MARINE insurers seek to drive through rate increases, brokers will face a fight to manage the belief of some clients that they should be immune from rising rates.
According to David Allen, senior cargo underwriter at Aegis Managing Agency, brokers remain the key barometer of the industry but will have to work hard to balance the realisation that rates must rise with the opposing view of some clients.
'I think brokers are in a difficult position,' he said. 'Post Spitzer they are having to change the way in which they design their revenue models and they have the added issue of managing the expectations of the client in a hardening market.'
He added: 'Underwriters are seeking to move the market up following Katrina and there are naturally those clients who feel that as they have no US cat exposures they should not be asked to finance the cost.
'However, as underwriters we seek the book as a whole and as such the risks are spread as is the premium charged.'
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