Underwriting Philosophy
Our primary and fundamental goal as an underwriting agency is to generate an underwriting profit by effectively managing the balance between premiums and risk. If we incur losses for the underwriter, our business cannot sustain itself.
This means our key underwriting philosophy is to set ratings at a level that ensures the underwriter can consistently cover claims over many years without incurring losses.
We have achieved this by:
We have achieved this by:
First, identifying the break-even loss ratio, developed over many years of specialised underwriting and a deep understanding of our business.
Next, ensuring regular, incremental price increases to stay ahead of rising costs.
This strategy sets us apart from many of our competitors, who often cut prices to gain market share, only to drastically raise rates during a "bad year" to recover from significant underwriting losses.
While other market players follow a reactive pricing approach, causing premiums to fluctuate and sometimes swing excessively, TLC Insurance takes a completely different approach. Our strategy is based solely on our own performance. Through accurate and consistent underwriting of our niche market products, we can offer clients stable, consistent rates year after year, regardless of market trends.
HEAD OFFICE
127 Second Avenue, Tauranga 3110
PO Box 7006, Tauranga 3148
Phone. +64 7 544 6686
Freephone. 0800 TLC INS (0800 852 467)
Email. info@tlcinsurance.co.nz
