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Member, Beacon International Group, Ltd.
LONDONInsurance buyers need more data to help them assess insurers' willingness to pay, according to a risk manager representative.
Paul Hopkin, technical director of the London-based Assn. of Insurance and Risk Managers, said the body is investigating ways to create a willingness-to-pay index to give buyers objective data.
At a speech to the American Society of Workers Comp Professionals Inc. conference held at Lloyd's of London Friday, Mr. Hopkin said that while rating agencies provide information about insurers' ability to pay claims, there is "no reliable data as to their willingness to do so in a fair and prompt manner. Yet many risk managers would put this as their top priority," he said.
Mr. Hopkin said that while AIRMIC members sometimes get superb service when they make claims, this is "by no means the norm."