Paul Jewell unpacks softening market implications with Insurance Post
Our CEO Paul Jewell recently joined the Insurance Post Podcast to discuss one of the most significant trends shaping the insurance sector in 2026: the softening market. The webinar ‘Softening market: will underwriters hold their nerve?’ was hosted by Insurance Post editor Emma Hughes, bringing together industry leaders Richard Turnbull, managing director of Collegiate, Jeremy Shallow, chief underwriting officer of Westfield Specialty International, Jamie McDonnell, director of the London Market at Guidewire, and Bridgehaven’s Paul Jewell to explore what the changing cycle means for insurers, brokers and policyholders.
Opening the conversation, Paul highlighted that the market picture remains mixed, reminding the panel that rate softening varies considerably across different classes of business. While some areas are experiencing more pronounced reductions, others remain relatively stable, ‘it’s a mixed status in the market, it depends on the product line,’ noting that personal lines like household insurance are seeing clearer rate reductions, while some commercial lines such as aviation are still weathering a challenging loss year.
The panel uncovered a key theme: the importance of underwriting discipline as competitive pressures increase. Paul acknowledged that insurers are facing growing pressure to pursue profits as the market continues to soften, but he also stressed that maintaining a clear pricing strategy is essential. He emphasised that insurers should be prepared to walk away from business that falls below acceptable thresholds, and be ‘bold in making the right decisions’. These decisions don’t need to be limited to simply walking away, but finding innovative ways to grow in the softening conditions. ‘There is still a lot of profitable business out there, so we need to get the right balance,’ he continued, ‘portfolio mix is the right way to do it, diversification can create a more resilient portfolio as competition and pricing pressure rises.’
The panel went on to explore how the softening market may reshape broker and carrier relationships. According to Paul, brokers are already adapting their strategies in response to falling premiums, ‘we’ve already seen broker negotiation tactics’, going on to explain ‘they will be leveraging their skillset of offering insurance partners a profitable portfolio’, building strategic relationships with insurers.
Looking ahead, Paul suggested that we shouldn’t see the market cycle as simply hard or soft, ‘it’s much more dynamic than that’, explaining, the current market cycle may evolve differently across different sectors, influenced by broader macroeconomic factors including inflation, supply chain disruption and geopolitical developments. However, he believes the industry is better equipped than in previous cycles, thanks to improved technology, stronger underwriting discipline and a greater focus on long-term partnerships: ‘for longevity of relationships and partnerships, alignment of interest in delivering underwriting profit is important for all parties’.
While the pace of softening may vary across sectors, the panel agreed that the most competitive insurers will stay disciplined, adapt quickly and focus on delivering sustainable underwriting profit.
For more information, listen to the full webinar here (subscription required): https://www.postonline.co.uk/personal/7959744/softening-market-will-underwriters-hold-their-nerve?ref=search