Rates and retentions: main concerns of brokers
Flaspöhler, part of NMG Consulting, conducts an annual, global survey of brokers and insurance executives designed to illustrate the competitive positioning of reinsurers and respondents’ main concerns in a rapidly changing industry. Here, we reveal the top challenges reported by reinsurance brokers across Latin America.
As part of its most recent study, Flaspöhler | NMG Consulting asked reinsurance brokers across Latin America to provide their view of the “greatest challenges” facing their industry (and thus their organisations) today.
The results showed that in Latin America, in addition to the stresses that the soft market places on insurers (see day 2), brokers also feel the effects of increasing retentions and shrinking premium based revenues. These concerns were especially dominant in the smaller markets of Latin America.
Brokers typically identify the need for innovation as a key response to revenue shrinkage and commoditisation, and combined with product innovation, was mentioned by one in five brokers.
The word cloud (shown below) provides a unique high-altitude perspective that draws out common themes in an aesthetic which is easy to digest. The more often a word/phrase is used by respondents, the larger it appears in the cloud.
While word clouds can never provide the statistical accuracy of coded and counted responses, they can illustrate subtle differences between answers of similar but different responses, as well as provide helpful insights into the overall tone of responses.
For readers who prefer a more traditional way of viewing the information, we have also supplied a bar chart.
Brokers in LatAm worry on rates and retentions
Word cloud
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