12/11/2018
High Net Worth Forum – London 18th October 2018
One Broker’s Adele Rand attended Insurance Age’s High Net Worth Forum on 18 October 2018. This event was attended by a mixture of brokers, insurers and third-party suppliers within the industry, including Doerr Valuations, Oak Underwriting, Covea and Ecclesiastical.
The subject of the debate was MGAs and their purpose in the High Net Worth market. MGAs are managing general agents, this means they are granted authority by insurers to administer insurance programs and negotiate contracts on its behalf. The consensus seemed to be that while there were some ‘bad’ MGAs, on the whole they serve their purpose in insuring niche markets. This niche includes renovated properties and other peculiarities, such as non-standard construction or occupancy as an example. The panel agreed that most of the main composite insurers were becoming less flexible in their approach to a changing market and, as such, MGAs fit in nicely in this space.
The question surrounding the current trend of consolidation in the HNW market was raised. Whilst the panel understood the business reason for it, they were in agreement that this was not necessarily the best solution for the client since it reduced choice and flexibility.
Speaking about the event, Adele said: "The event was entirely informative and enjoyable. A good opportunity to touch base with some of our providers and to talk with like-minded professionals."
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