Professional advice from insurance brokers has become essential for insurance-buyers around the world, according to Swiss Re’s latest authoritative Sigma Report. National Insurance Brokers Association CEO Noel Pettersen has welcomed the report, which he says highlights the essential role insurance brokers now play in the insurance process.

The study, “Commercial insurance and reinsurance broking – love thy middleman,” says corporations are facing a “rapidly shifting risk landscape” with new types of risk brought about by changes in the economic and legal environment.

Swiss Re senior economist Thomas Holzheu says premium increases and a lack of market capacity have driven more consumers to use brokers in a bid to find affordable insurance solutions. Brokers have also developed extra services in the past few years to add benefits to consumers.

“Today brokers use sophisticated risk-modelling skills in combination with their market knowledge to structure risk solutions for clients,” he said.

Mr Pettersen says his recent trip to the meeting of World Federation of Insurance Intermediaries in New York further highlighted the expanding role of insurance brokers and the need for their expertise in the world’s rapidly changing risk markets.

“A key message is that as the international insurance market contracts in number it is becoming increasingly important for consumers to have access to the kind of professional and unbiased advice a broker can provide,” he said.