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In this week’s issue, industry insiders believe the aviation sector should brace itself for substantial rate rises after a series of international disasters leave the market at a “tipping point” and facing its worst year since 2001.
“The war market could see multiples four or five times the current rates, as it’s quite a small market and it has not only suffered from the two Malaysia Airlines losses but there was also a terrorist attack [at Tripoli Airport on 13 July],” said a well‑placed underwriting source.
Also in the news, analysts predict that increased competition is leading international insurers to shrink their presence in the Lloyd’s and London market in favour of boosting activity in more profitable areas of their business; Aviva is urging the Ministry of Justice to consult publicly on its proposal for cashless compensation for minor motoring injuries, despite vehement opposition from claimant lawyers; insurance and risk management trade bodies dispute accusations that it is “abhorrent” to fight to remove clauses within the government’s Insurance Bill designed to allow commercial claimants the opportunity to pursue insurers over delayed settlements; and Xchanging and Crawford remain optimistic for the Lloyd’s Volume Claims Service’s future despite “lower than expected” traffic.
Marsh’s Julie Page is in the C-Suite. The consumer and commercial division CEO argues that brokers should not fear the Financial Conduct Authority, as long as they put customers first. Meanwhile, Biba executive director Graeme Trudgill takes the Trade Voice seat to talk about the association’s response to the consultation Reform of the Riot Damages Act 1886.
Callum Brodie meets the Chartered Insurance Institute’s new president, Ashwin Mistry. While Mistry harbours grand plans for his tenure, he is reluctant to walk away from pre‑existing CII commitments such as the professionalism initiative cultivated by a string of past-presidents in the CII hotseat.
With e-cigarette use on the rise in the UK, Katie Marriner looks at whether the risks associated with these products are a pressing issue for the general insurance industry. And as the global fine art market shows signs of a renaissance, we ask how the industry is responding to the evolving insurance needs of this high-value but high-risk sector.
Enjoy the read!
A huge well done to all involved with organising our Remembrance Day event on Friday, including our Corporate Real Estate team. One of them, Ibrahim, took this incredible footage of poppies dropping as he (along with others) leaned (safely!) over the gantry to let them go. pic.twitter.com/pSbapkWBBR— Lloyd's (@LloydsofLondon) November 12, 2018
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