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Analyst Interview Excerpt
INSURANCE BROKERS: NIKOLAI FISKEN - STEPHENS INC


Full article published: 09/09/2002


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TWST: Do you think the insurance brokers still play a significant role in the insurance industry today?
Mr. Fisken: They do. I look at them as the pulse of the industry, quite frankly. While insurance underwriters talk about 100% plus rate increases virtually every day, brokers see what is actually getting bound. In other words, when a policy comes up for a renewal the insurer may quote the previous year's coverage at a 100% plus increase but then the broker will work with the client to bring the premium to a more reasonable level by increasing deductibles and lowering policy limits. In the end, a 100% plus requote may be bound at a net 25% rate increase.

TWST: Some companies use insurance brokers almost exclusively. Can you explain that?
Mr. Fisken: If you divide it into personal lines and commercial lines, the commercial lines market is 99.9% done through brokers. Now, the personal lines market is different in that there are several insurers like GEICO that deal straight with the consumer.

 

Tickers included in this excerpt: AIG, AJG, AOC, BRO, HBG, HRH, MMC, WSH

 

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