Commercial premiums are on the way up
A survey released by the National Insurance Brokers Association (NIBA) using information collected from the December renewals period shows the prolonged “soft” market is at an end.
The NIBA survey finds 87% of respondents nominating commercial market hardness at between 4 and 7 out of 10, compared with 73% six months ago.
The last survey, in June, found 26% of brokers experiencing premium rises. This time around it was 54%.
But there’s still plenty of competition about, with 37% saying they experienced no change and 9% claiming decreases in premiums.
At Cartwright Insurance Brokers we are constantly scanning the market for the most competitive premiums for our clients.
Suncorp CEO to quit
Suncorp CEO John Mulcahy this morning announced his intention to resign from the company.
In a message to the Australian Stock Exchange, Suncorp said Mr Mulcahy will stay in the role “as the company transitions to a new CEO”.
Mr Mulcahy has been CEO at Suncorp since January 2003, when he was headhunted to complete the company’s $1.4 billion acquisition of GIO. He also led the controversial 2007 $7.9 billion acquisition of the Promina group (which includes Vero and AAMI).
Mr Mulcahy said in the stock exchange statement that the $900 million capital raising also announced “is an appropriate time for the board to advise the market of our intention to commence the transition of leadership to focus on the next phase of the group’s development”.
Suncorp has been struggling over the past year in the face of massive weather-related insurance claims and poor performance by its subsidiary Metway Bank.
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