Amlin, one of the leading Lloyd’s of London insurers is predicting that insurance premiums will rise to unprecedented levels rocket this year.
The cost of property, marine, aviation and other types of catastrophe insurance will soar as insurers err on the side of caution when considering and managing risk in the wake of the global financial crisis.
General insurers forecast their portfolio products such as car insurance is also predicted to rise in cost by up 20% this year.
With poor claims history following the battering of our homes and properties due to the adverse weather experienced in recent years combined with tumbling stock markets, only the strong will be able to survive.
Chief executive of Amlin, Charles Philipps believes this year will see a “cut-throat” approach to writing premiums suggesting very few (if any) will be chasing market share at the expense of profits in 2009.
Mr Phillips went on to say:
“We are through the bottom of the insurance cycle with strong prospects for hardening rates across our business. Commercial insurers could be winners from the credit crunch as financial companies look to protect balance sheets”.
Such comments from leading experts only go to reinforce recommendations that customers should carefully review insurance requirements and shop around to ensure they are securing the best possible deal for themselves before paying any renewal premium.
You never know, you may secure a better rate and indeed, get yourself a policy offering more benefits.
You have nothing to lose and everything to gain.
Consider These:| Security Fencing at great prices. |
| Wind Chimes that would great in any garden. |
| Beautiful Properties for sale in Dubai |