It was a privilege to facilitate a fireside chat at the Annual GI ANZIIF December breakfast last week, with 350 attendees and more online.
Our topic was well structured: “How do we Avoid Slipping into a Soft Market?”
A great question, as it has many parts....
What is the current state of the market? Is it different by class (type of insurance)? Within each part of the market, are premiums increasing (hardening) or decreasing (softening)? What is the cause?
Can individuals change this, or does the market drive the cycle? Will individuals act rationally as the market changes? What do we need to do differently?
The answer is there are differences by insurance class, and many factors drive changing market conditions. Everyone is watching closely, so they can work out what to do next. As the market changes, there will be challenges and plenty of opportunities.
In the lead up to the session, I was fortunate to meet and get plenty of input from insurance people in Australia, London, and the US as part of my Evari work.
One comment from these discussions that I shared at the breakfast was: the market aspires to Goldilocks insurance - not too hard, not too soft, but just right. But that may just be a fairytale.
#GI #insurance #insurtech #innovation
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1yDaniel Fogarty that's impressive. Congrats...