London market insurer Hiscox is coaching underwriters for upcoming renewals talks with brokers
Hiscox is bracing itself for a turn in re/insurance pricing following the 2017 hurricane season by training its underwriters ahead of broker negotiations.
The London market insurer is organising multiple presentations and seminars each week, to get underwriters ready for difficult talks with brokers, as first reported in sister title StrategicRISK.
Experienced underwriters are tutoring those without experience of a market turn in pricing negotiations, as part of a formal initiative within the insurance company.
(Re)insurance market losses are expected to harden prices on catastrophe-exposed property business, following the destruction caused by Atlantic storms this year, particularly hurricanes Irma, Harvey and Maria.
The last time there were market-wide price rises on US catastrophe-exposed business – including non-loss-affected business – was in the months following the 2005 hurricane season, which included Hurricane Katrina devastating New Orleans.
“Our reinsurance team are doing the same as our London market [insurance] business,” a Hiscox spokesperson confirmed.
“They have structured, facilitated training for underwriters who have never experienced a changing market before,” the spokesperson added.