At a glance
- We’ve teamed up with Insurance Age to sponsor the SME: Now and Future series
- The series examines how the SME market, across all sectors is changing and developing
- In this article we talk about the key drivers of increasing insurance premiums and how you can help your clients understand them.
When the SME commercial market is hardening, how far do you go to explain the macro-economic factors behind premium increases, and can such conversations lead to better client relationships and retention rates?
There are a number of factors impacting rates that insurers have no control over and making clients aware of these issues can give them a better understanding of what is happening in the market and why their premiums are nudging northwards. Nick Kitchen, Zurich’s head of casualty and speciality lines – UKGI, explains the key drivers of increasing premiums.