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Article Excerpt
61 Katherine St., Sandown, 2196 South Africa 27-11-269-0000; fax: 27-11-269-1111 www.alexanderforbes.com
The hardened insurance market and corporations' changing perceptions of risk are creating opportunities for Alexander Forbes Ltd., executives of the South African broker say.
The hard market, which began early last year and accelerated in the aftermath of Sept. 11, is boosting Alexander Forbes' revenues, which are largely commission-based, said Deputy Group Chief Executive John Percy-Davis. And market conditions have had a ``huge impact'' on the brokerage business generally, he said, noting that risks that once were easily placed now may be struggling to find capacity.
The Sept. 11 terrorist attacks, the current global economic downturn and the collapse of some major corporations have changed perceptions of-and appetite for-risk among both sellers and buyers of insurance, said Mr. Percy-Davis. ``Underwriters are becoming more risk-averse, while clients are having to absorb more risk,'' he said, noting that the changed environment presents brokers with a ``very fertile area'' as risk advisers.
Chief Executive Officer Graeme Kerrigan said that a growing interest in enterprisewide risk management and increasing concerns over corporate governance are creating opportunities...
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