Dear All
Good morning, I hope everyone is well and settling in gradually to the second stage of lockdown.
Today I would like to provide an insight of a report from Marsh reporting on the impact of pricing changes. Global Commercial Insurance prices rose by 20% in Q3 – 2020 news which marks the twelfth consecutive quarter of price increases. It doesn’t appear that this is going to slow down and we therefore need to think about just how we offset the right levers to balance the book and more so how to contribute a fair price for our customers, who are indirectly being affected more. Some thought should also be given to ultimately re-strategising the pricing framework.
From the ARGenesis perspective we understand that there are a lot of changes occurring and are impacting us overall and even with FCA Announcement for new business and renewal pricing it all has a huge impact on each portfolio. However, we need to focus on how we deal with the problem statement to manage our portfolios in the best pragmatic way i.e. Pricing Strategy.
To find out more, please feel free to contact us on how we can support you through this journey.
Best regards
ARGenesis Management Consultancy