014: Capacity in the Market - with Clive Nathan

<p>On today's episode, we talk to CEO of Global Risk Partners, Clive Nathan. Clive will be known to most people throughout the industry as he’s had a very distinguished career starting in 1987. Clive currently has responsibility for GRP’s Underwriting division and in this episode, will be talking to us about COVID-19, its effects on the MGA marketing and Clive’s positivity for the future of the industry and economy.</p> <p>LEARNING OBJECTIVES:</p> <ul><li>The effect COVID-19 has on the industry will be dictated largely by what happens with insurers and insurers will have a massive part to play in how the industry progresses through these uncertain times.</li> <li>MGA sectors are seeing a reduced number of claims which is both interesting and surprising given the current industry circumstances.</li> <li>Encouraging the use of technology is important, particularly within accessing damage for claims to avoid further delays for our clients and their cash flows.</li> <li>As an industry, we should recognise that not all claims are going to be COVID-19 related.</li> <li>The insurance industry can become quite pinned on rates but at the moment, we need to be mindful of what our clients can afford whilst still wanting to make money for insurance.</li> <li>Amongst the current circumstances, there will be opportunity specifically in potential acquisitions.</li> </ul> <p>BEST MOMENTS:</p> <p>‘’…if these pay outs enter the billions and capacity hardens to unprecedented levels, it affects everybody so there is a balance here which I don’t think people outside of the insurance industry understands.’’</p> <p>‘’…things like new business is going to slow down and I think that's been true for probably all brokers at the moment but on the reverse side, again retention has been better because I think people are concentrating on running their businesses, not necessarily on looking to get new quotes on their insurance.’’</p> <p>‘’…we look at our insurer relationships and underwriting as GRP across the piece, but also recogni