Run-off’s second golden age?

The insurance market, like other financial sectors, is subject to cyclical change and is perennially at the mercy of forces larger than itself. When the downswing comes it can bring considerable financial and operational pain: cost cutting, staff redundancies and angry shareholders may be just the tip of the iceberg. For some it could mean the end of the road. But on the positive side, says Nick Eddery-Joel , director of business development, Axiom Claims Consulting, one sub-sector of the insurance world has grown and evolved significantly due to recent dips in the cycle: run-off. The third-party run-off sector has seen a greater volume of business, a higher profile and greater professional recognition than at any time in its history. Run-off is no longer associated with shame and failure but is accepted as an integral part of the insurance industry.