In the final Future of Broking virtual panel discussion at the 2020 NIBA Virtual Convention, the industry leaders discussed the challenges and opportunities of a hard market.
Sarah Lyons, Chief Executive at Gallagher Australia, said: “We need to educate our clients on what we’re seeing in the market.
“We have to stay focused on where we can provide value,” she added.
Robert Kelly, Managing Director and Chief Executive Officer of Steadfast, said the market is probably the most stable he has ever seen.
“I think this is a very sensible hard market, which may be hard for some brokers to stomach.”
Mike Emmett, Chief Executive Officer and Managing Director of AUB Group, said: “There’s no question, the market is tough.
“Our clients are seeing significant value in what we’re doing, but placing is difficult.”
James Baum, Chief Executive Officer of Aon Australia, said: “I think we all accept that some correction in the market is required.”
He said it’s important to spend time with clients, and work through it together.
Nick Harris, Chief Executive Officer – Pacific, at Marsh, said: “There’s a whole generation of brokers and underwriters that have never experienced a hard market.
“In my humble opinion, we have more pain to go through yet,” he added.
Finally, Simon Weaver, Head of Australasia at Willis Towers Watson, said: “We’re in it for the next few years.”
However, Weaver believes it’s a great opportunity to demonstrate service capabilities, and to some extent, will be survival of the fittest.
NIBA would like to thank the industry leaders for sharing their thoughts on the important topics of the day.
Those delegates who may have missed hearing from the industry leaders, are reminded that they can access the sessions, on demand, this week.