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Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers. -
Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
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Reinsurers are taking aim at pockets of European risk that escaped retention and rate rises last year.
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Sources are paying close attention to several pipelines in the region, as the conflict between Israel and Hamas continues.
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Inflation, supply chain issues and technological failures are complicating the underwriting landscape.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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The three new capital vehicles fundraising for a Lloyd’s play, coupled with some of the best underwriting conditions seen for years, have raised the prospect of a new age of investment in the market – but questions remain around execution.
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AI development is creating new risks for insurers to assess as multiple key trends suggest it will evolve into a standalone insurance product like cyber-risk.
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The business has engaged with the AssuredPartners process, and has also met with a range of other private brokers including Galway and NFP.
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Insurance Insider has analysed premium growth trends across Lloyd's and the company market for 2022.
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At an event that brought together construction insurers, brokers, engineers and developers, delegates discussed an impasse over insuring sustainable development projects.
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Lloyd's has set out what London market firms will need to do to transition from decades-old systems to new central services in July next year, in a crucial step of several modernisation milestones to come in 2024.
