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.
Traditional players don’t seem to be able to resist the pressure for further rate cuts and broadening of terms and conditions
Growth in China supports global slowdown
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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