Risk & Business Magazine Knight Archer Insurance Spring 2017 | Page 27

THE INSURANCE PRICING CYCLE
RISK MANAGEMENT
CONSIDERATIONS
Industry experts have seen signs
of hardening within the insurance
market over the last year. Commercial
insurance buyers should prepare
for rising premiums and decreasing
capacity from carriers in the coming
year.
So, what should buyers do to ensure
they are always getting the best price?
Although premiums vary due to market
pressure, your true cost of price is
determined by your claims history. The
key to controlling price is to control
losses through instituting safety
prevention programs, managing claims
efficiently when you have a loss and
employing cost containment strategies.
In the 2011 P&C Insurance Coverages
Survey sponsored by Zywave, Inc., 56
per cent of respondents indicated
that they considered themselves
concerned or highly concerned about
cost containment. If that describes
you, we have the resources to help you
employ cost reduction strategies to
limit exposures and reduce premiums
through both risk transfer and non-risk
transfer solutions.
Our consultative approach includes:
• Identifying your exposures to loss
• Recommending loss control
solutions
• Improving your disaster response
potential by helping you to create
or update a business contingency
program
• Assisting in building a culture of
safety
• Providing claims management to
keep costs down
• Seeking continuous improvement
• Reviewing and recommending
coverages to ensure your
protection
Those who approach risk financing
through sustained long-term cost
control and claims management
measures, instead of just riding the
insurance pricing cycle’s wave, are
always in a better position to secure
coverage at the best price.
The market may f luctuate, but our
goal—to be your broker of choice—
never wavers. To review your risk
management strategies, contact Knight
Archer Insurance Ltd. today. +
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