Claims trends
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The protection covers the US insurance book for the 2024 and prior accident years. -
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The broker said insurers were facing increasing pressure to improve financial performance in claims.
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The recent Iumi conference highlighted the impact of waning globalisation and tariffs.
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The ratings agency was presenting its outlook ahead of the Monte Carlo Rendez-Vous.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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Plus, the latest people moves and all the top news of the week.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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Errors and omissions claims made up 55% of all notifications, continuing a five-year trend.
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Although US pricing is improving there is pressure in other geographies.
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SRCC exposures are being studied more closely but fixing aggregation issues is a challenge.
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Coverage has broadened while limits have increased, the broker said.
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More players are looking to the class in a bid for top-line growth.
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Ransomware threat actors are continuing to attempt ‘smash and grab’ attacks.
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Lloyd’s chair Bruce Carnegie-Brown officially hands over to Charles Roxburgh today.
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Insolvencies caused by the tariffs could also cause increased losses
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The firm now reports on insurance exposures to natural perils for 21 countries.
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From where to prioritise investing to managing slower growth, there are tough balancing acts ahead.
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The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.
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Softening in the upstream market has also accelerated beyond expectations.
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Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.
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The tariffs could expose insurers to the risk of recession and shrinking income.
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Lloyd’s has been likened to a “toothless tiger” in its crackdown efforts.
