The squeeze placed on firms by the global financial downturn has led risk and finance managers to depend heavily on their insurance brokers, according to a new US survey.

The poll of more than 240 US risk and finance executives by professional advisory firm Towers Watson charted an increased reliance on brokers for the efficient transfer of risk.

A downsized headcount and reduced budgets brought on by the downturn has only exacerbated that trend, the survey report says.

It found retained claims are the greatest concern for 64% of risk managers, as companies move to retain more of their risk exposure. Some 24% rated premium costs as their chief concern.

Asked to nominate the most valued attribute in a broker, some 52% of risk managers rated placement capacity and market leverage as key while 25% cited relevant industry knowledge.

“For all the advanced services that some brokers provide, risk managers still value their placement ability the most,” Towers Watson Head of Corporate Risk Management and Insurance Brokerage Steve Levene said.

The poll found most risk managers tolerate or are at least resigned to the ongoing presence of contingent commissions in the US, although larger companies revealed a lower tolerance for payments made to brokers based on the volume of insurance placed with a particular insurer.

The survey reveals only limited demand for enterprise risk management, with slightly more than half of respondents moving to implement such measures.