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FEATURE: The year ahead for Lloyd’s
18 December 2009
The Lloyd’s and London market is facing a challenging year in 2010, with stagnant premiums and investment returns, a new man in charge of syndicate performance, unfinished business on electronic reform and wider regulatory reform on the agenda.
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Despite wider economic woes, last year was in many ways a good one for the London market, with a quiet hurricane season and the absence of large single-loss events that had characterised 2007 and 2008. However, such is the cyclical nature of the industry that feast is often followed by famine, so as we head into another new year Reactions asks what the big challenges will be for the Lloyd's and the London Market in 2010.Two words recurred again and again as Reactions canvassed market observers for their opinions – underwriting discipline. “I’d be worried if they hadn’t,” says William Stovin, President of Markel International.He adds: “Top of anyone’s list has to be pricing and underwriting discipline. Pricing is adequate in most lines, but that will be under threat. Some lines will buck the trend because they have to. They have produced losses in the past. Each market needs to...
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