Despite the depredations of the economic recession and of historic catastrophe losses on companies' capital base in recent years and months, the London (re)insurance market appears to be in rude health. Lloyd's is still expected to turn a profit in 2011, according to AM Best and, as revealed by a survey conducted by the International Underwriting Association, the London company market generated more premium income in 2010 than previously estimated.
But there are still plenty of challenges ahead for the London market. Solvency II is still there, it's still coming (although "when" remains a moot point) and it will still involve considerable exertions on the part of (re)insurers in terms of developing internal models, deciding how to allocate assets appropriately and generally taking another regulatory blow on the chin.
click here or on the image to download the 2011 IUA