Prestige Underwriting has reported significant concerns among brokers regarding the availability of capacity in the non-standard insurance market.
85% of brokers in personal lines who took part in the firm’s Non-Standard Survey believe there are an insufficient amount of insurers offering capacity for non-standard business, despite the expectations of growth for the market.
The survey indicates a widespread issue, with 79% of brokers across the entire market reporting difficulties in securing coverage for clients with specific non-standard risks in recent months.
Service quality and risk appetite also emerged as key concerns. 48% of brokers find that capacity providers are too slow in responding to new business queries. 91% of brokers dealing with non-standard risks assert that all insurance providers should adopt a broader risk appetite.
Support from insurers is another area of dissatisfaction. 57% of brokers feel they are not adequately supported by insurers to effectively serve customers requiring non-standard insurance.
Prestige Underwriting says its findings highlight the crucial role of MGAs in the non-standard market.
Despite these criticisms, there is a recognition among brokers of the importance of rated capacity. 34% of brokers consider rated capacity – rather than non-rated – as business critical, while 49% view it as important.
Tim Baxter, head of broker development & partnerships at Prestige Underwriting, said: “The results of our survey underscore a pressing need for improvement in the non-standard insurance market. While brokers regard Prestige Underwriting positively, it’s clear that the broader market must address significant concerns around service provision and capacity.
“At Prestige, we are committed to consistently enhancing our services, and we hope to see a collective effort from all providers to better support brokers and their clients as the non-standard market continues to expand and evolve.”