Which term refers to the competition among insurers to retain business?

The term that refers to the competition among insurers to retain business is "Market Competition." This concept encompasses the strategies and activities that insurance companies engage in to maintain their client base and attract new customers in a competitive environment. Insurers may leverage various tactics, such as price adjustments, enhanced customer service, product offerings, and marketing campaigns, to differentiate themselves from competitors and gain a stronger position in the market.

Understanding market competition is crucial for insurers as it directly impacts their ability to meet organizational goals and respond effectively to changes in consumer demand and industry trends. Additionally, effective market competition can lead to better outcomes for consumers, such as more options and potentially lower prices.

The other options do not accurately describe this scenario. Coercion implies using force or intimidation, which is not a competitive tactic used in the marketplace. Competitive Advantage refers to the conditions that allow one business to perform better than its competitors, but it does not specifically describe the process of competition itself. A boycott involves a group refusing to engage with a business to express dissatisfaction, which does not relate to how insurers compete to retain business.