While, as one commentator noted about the current upheaval over Lloyd’s business plans, it’s a “febrile time” in the London market, it could also be considered to be a fertile time for the direct and facultative (D&F) space.
Lloyd’s is on a mission. As my colleagues at The Insurance Insider noted in a recent editorial, the market is intent “dragging” up underwriting performance, apparently whatever the cost. But in doing so it risks lumping in some decent businesses with some frankly sub-standard ones, according to other commentators in the market.
Reading this month’s lead one might be forgiven for thinking that, especially where property fac is concerned, elements of the market are facing extremely challenging conditions. And no-one would dispute the fact that it’s been a very rough ride indeed for the traditional Lloyd’s property D&F marke
As Europe swelters in an unprecedented heatwave, and even Britain exhausts its capacity for complaining about the lack of sunshine as temperatures hit 30+, the potential costs of an extended ‘barbecue summer’ are being felt across the developed world.
I make no apology this month for taking my inspiration from an excellent article recently written by Gen Re’s Leo Ronken, P&C senior consulting underwriter, on that most thorny of issues to plague the fac market in recent years: business interruption (BI).