Premium Pricing – November 2007
After several years of unaltered premium levels Insurers are now looking for increases, and possibly the tightening of underwriting. It is important that the premium reflects the nature of the risk, and that Policyholders continue to be covered for the widest range of risks.
There are many, many factors to be taken into account when pricing an insurance risk, and whilst many are ‘behind the scenes’ – such as legislation and increases in repair costs – some are very obvious, such as the Summer 2007 flooding. These floods are estimated to cost Insurers about £5 billion! – and are on top of expected and routine claims.
Insurance premiums are based on the principle of the many contributing (premiums) so that the few can be in funds when a claim occurs.
Whilst your premiums, and the premiums for everybody, are due to rise, there are possibly ways in which the increase can be minimised.
Talk to us today.
BRIEF HISTORY OF J L MORRIS (INSURANCE BROKERS) LTD
The business was started in 1968 by John L Morris, the father of the current
Managing Director. The limited company was formed in 1971, at which
time the offices were located in Bournemouth.
Continued expansion required a move to the adjoining town of Poole in
1999. Further growth necessitated the change to the modern purpose-built
offices at Manor House.
