State of the Insurance Market
COVID-19 has resulted in an economic slowdown, which has adversely affected insurers and led to increased pricing and reduced capacity in many areas. This is affecting local markets – at a time when companies are focused on reducing costs. Despite these conditions, risk professionals can position their organizations to achieve more favorable outcomes at renewal and better manage total cost of risk. Among other strategies, insurance buyers should work with their advisors as they prepare for pending renewals to:
- Manage expectations for senior executives and boards.
- Set a clear strategy before beginning renewal discussions.
- Involve senior leaders in negotiation processes.
- Consider different approaches and solutions.
For more information, please download the Middle East and North Africa Insurance Market Report