Accident and health carriers must anticipate the opportunities – and challenges – in the wake of the Covid-19 pandemic and prepare for their impact on claims costs
Data-driven underwriting will streamline the management of delegated authority business, drive down market costs and improve profitability for both coverholders and syndicates
Insurance has an important role to play – collaboration and information-sharing will be vital
Increasing complexity as green energy industry evolves and a number of large losses from hail, wildfire and storm damage mean insurers are struggling to make an underwriting profit
With many commercial property insurers and brokers struggling with legacy systems, siloed data, and a lack of relevant skills, accelerating the adoption of real-time data systems will not be easy
Recent case law has shown inadequacies in public liability pollution cover, which does not cater for the regulator’s investigation costs or for pollution occurring on the policyholder’s own site
New requirements will further increase the regulatory pressures on London market brokers, some of which are unaware of the new regime or think it does not apply to them
The big lesson from the US is carriers cannot assume a historically temperate climate will keep industrial stock safe from mould and industrial sites free from costly pollution incidents
Technology advances in recent years mean Lloyd’s, with minimal input from coverholders, can now electronically compile its own reports using data already held by the market
The market must work to together to encourage larger self-insured retentions to ensure med-mal insurance programs are sustainable for the long term
The big challenge for re/insurers is to provide clarity in relation to coverage and develop effective solutions for systemic risk events, including fostering public-private partnerships
The industry needs risk models that can deliver the sophistication and granularity to satisfy regulators’ climate change stress tests and financial impact disclosure requirements
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