Overcapacity will delay premium hikes claims advisory group

Overcapacity will delay premium hikes claims advisory group: "Recession hit businesses are not making the most of over capacity in the market to seek cost savings, according to a financial advisory group.

Robert Cholmondeley, director of the corporate insurance division of Taylor Patterson, added insurance companies are still being flexible with prices in order to keep a share of a market.

He continued: “I am expecting premiums to increase in time. However, there is still a lot of capacity resulting in a number of companies out there fighting for market share. This means competitive premiums are still available.

“A recession is a perfect time to have a spring clean of costs but many businesses often fail to look at their insurance premiums which can, in some cases, be reduced without harming the level of cover obtained.”"

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