Optimising renewal
Welcome to our market update for the Energy & Power industry which focuses on key lines of insurance. The increased appetite across many lines, and rate reductions on offer, mean that this renewal is an opportunity to extract the optimal deals from the market. To achieve excellent results for our clients we:
1
Start the renewal process early, well in advance of policy inception.
2
Agree renewal objectives with our clients for the upcoming renewal, develop a strategy to meet those objectives, and drive conversations with the market on that basis. We don’t let insurers dictate terms
3
Highlight key risk areas that may concern insurers and provide feedback, analyse market data / trends to enable data driven decision making
4
Identify, and help compile, key exposure information to provide insurers with understanding of, and confidence in, your risk profile to ease insurer concerns
5
Identify appropriate insurers to approach, ensuring a comprehensive cross section of available markets to increase competition
6
Highlight key risk areas that may concern insurers and provide feedback from the market
With the current positive market outlook, insurers may be inclined to offer Long Term Agreements to secure business for 2 or 3 years. These provide clear line of sight on insurance costs for the period of the agreement, making the budgeting process easier. Keep this in mind when considering your options.
We encourage our clients to use the current market conditions to enhance the cover that they have, reduce retentions, and achieve cost savings across their insurance spend.