| Insurance firms 'to focus on profit, not expansion' |
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M Consulting, Ltd. (Birmingham, England), January 12, 2009
The insurance industry will be looking at making a profit this year, rather than aggressively expanding, according to the chief executive of Amlin.
In a trading statement, the firm revealed that in 2008 its gross written premium was £1.02 billion, down from £1.04 billion the year before. However, it expects this to change in 2009, because the natural and financial disasters that took place last year have "started to drive firmer reinsurance rates". Charles Philipps, chief executive at the company, commented: "We are through the bottom of the insurance cycle, with strong prospects for hardening rates across our business." He speculated that insurance marketing will need to concentrate more on pricing products correctly, rather than trying to increase market share. There were some high-profile business collapses in the financial world last year, with the huge US insurer AIG going out of business. Mr Philipps said that it was this renewed threat of danger that would lead to the review of products' costs. |
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