A.M. Best: Gross Written Reinsurance Premium Drops in London Market
Friday, 06 05 2015, Category: Insurance and Reinsurance, Country: United Kingdom
Lloyd’s gross written reinsurance premium dropped more than 5 percent from 2013 to 2014, underscoring the competitive threat to the London market posed by local and regional reinsurance hubs, A.M. Best concluded in a new report.
Specifically, gross premiums written for property, casualty and specialty reinsurance came in at $12.9 billion in 2014, down from $13.67 billion in 2013.
A.M. Best’s industry run-down identifies this as just one of many challenges surfacing for the London Market in the months ahead. Among the concerns: global economic uncertainty, a continued surge of alternative capital and changing buying habits.
Source: Carrier Management