Consumers Urged To Use Local Insurance Brokers

1 Answer Network is urging consumers to have confidence in your local insurance brokers to find the best insurance deals, as a hardening  insurance market sees higher premiums in addition to reduced benefits.

In some areas of the marketplace insurers are facing lower investment returns and a high incidence of claims and therefore need  superior capital adequacy.

With this in mind The Network is predicting that insurance premiums will rise and in direct contrast benefits will be reduced, excesses raised and extras in insurance packages reduced.

Managing Director, Paul Muir said: “At present consumers are unaware of the increased premiums as the marketplace is extremely competitive and companies are absorbing the increase, but with margins being squeezed ever tighter that cannot go on for much longer.”

He adds: “Consumers will find it harder to get the right insurance for their needs using comparison websites.”

Mr Muir also believes insurers will focus on offering basic policies, in which case an insurance brokers can help with placing non-standard in addition to specialist risks.