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Insurance Industry

What does a typical client want? Cheaper Insurance we hear – and the industry delivers....

Insurers
Have been reducing rates since 2002 due to increased competition and have attempted to maintain profits by reducing cover and declining claims through:

  1. Increased exclusions

  2. Imposition of Warranties and Conditions

  3. Applying inner limits to escape full payments

  4. Relying upon non disclosure of material facts when proposal forms are no longer required

Small print is often justified in the name of health and safety or environmental legislation making even exceptionally run business prone to a negotiation in the event of a major loss. We have a case study on this issue .....

The industry is increasingly focussed on claim free risks leaving manufacturers and larger concerns paying punitive rates resulting in a two tier market.

Brokers
Most of our competition has disappeared into larger organisations and their investors having built business plans on the back of rate increases are now taking percentages of underwriting profits.

Placing business for increased commissions

Declining claims to maintain profits required to justify commission levels

Arranging Managing General Agents to tie clients in with their existing broker for 12 months and circumvent commission disclosure rules

Make a Claim

Castlemead Insurance Brokers will make the claims process as simple as possible

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Castlemead Insurance Brokers choose the right policy to suit you and your business