Current year underwriting not profitable at Lloyd’s
Wednesday, 12 14 2016, Category: Insurance and Reinsurance, Country: United Kingdom
Current accident year underwriting in the Lloyd’s of London insurance and reinsurance market is not profitable in the aggregate, according to the market’s CEO Inga Beale and Chairman John Nelson, which they term a “deteriorating and worrying trend” and a “great concern.”
Profitability at Lloyd’s has been on the wane, as the global reinsurance market pressures have now spilled broadly into specialty lines of both primary insurance and reinsurance, while other areas of commercial coverage are also facing margin erosion.
However the Lloyd’s market, barring any major catastrophic losses over the course of the rest of December, will report a strong performance for 2016.