Brokers involved in arranging cover for large corporates are at risk of becoming redundant, according to leading risk managers.
Speaking at the Airmic conference, International Federation of Risk and Insurance Management Associations (IFRIMA) chairman Des Vernon predicted that brokers would become redundant in large corporate insurance.
"I have one insurer. I might as well talk to them on the internet. I don't need a broker," he said.
Ferma vice-president Paul Taylor agreed that buying insurance electronically and direct from insurer could be the way of the future.
But RIMS president Lance Ewing said that in the US, it was the role of the risk manager that was under threat. He said that in the US, brokers were telling companies they could handle their risks and did not need a risk manager.
As the nature of risk became more sophisticated, insurance was also playing a lesser role in risk management. Vernon said that none of the top 15 risks within his company was insurable.
