Pricing pressures have diminished margins to such an extent that profitability is under significant threat. The focus on disciplined underwriting is mounting at Lloyd’s, where the Corporation has vowed to take all the steps necessary to ensure underperforming business is addressed.
Hiscox group chief executive, Bronek Masojada, was the first senior figure to suggest the recent spate of devastating catastrophes could turn the market. But he also argues if rates go up, there is a real danger that the market will lose sight of the work it has to do to make London more competitive
Uptick in major losses unlikely to impact pricing
Advances in technology and data analysis mean property insurers are better able to manage the soft cycle but underwriters must maintain their discipline as the market begins to harden
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