Insurers rate each other one of key benchmarks for changing prices

15 Jan

A new report found 44% of general insurers cite their competitors’ pricing as a key factor in setting the market value of products. Earmix’s report Pricing Practices in General Insurance surveyed a sample of 110 insurance executives and pricing professionals, representing general insurance carriers and brokers in 27 countries. It found also that companies with a higher net value, of over €1bn gross written premium, were more likely to use price elasticity models. Over 82% of this category had their own price elasticity model for specific products, compared to 52% out of those surveyed as a whole.Image

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