As we approach the end of 2018, BLM London Market partners Damian Cleary and Gavin Coull consider what’s in store for the year ahead.
In times of uncertainty and against a challenging backdrop, with themes including Brexit and cyber both sure to be prominent in the Market’s development, Damian and Gavin tell us why they’re remaining optimistic for the future, whilst looking back at the highs and lows of 2018.
Providing his thoughts on what’s to come, Damian Cleary, Head of London Market, said:
“With new leadership at Lloyd’s, no doubt the existing transformation process will continue apace. Addressing under-performing lines of business through the business plans approval process will be only the starting point as the focus will remain on returning to profit, but without restricting the historical ability of Lloyd’s to be seen as an innovative market. With Japanese renewals historically in April, and after very significant Nat Cat losses in Japan this year, 2019 could see the advent of an upward and welcome shift.
“The rate of progress in technology and innovation offered by InsurTech is staggering; insurers and intermediaries who fail to embrace it face being left behind. I expect that the desire (and need) to reduce frictional costs of doing business will remain a key driver, both in respect of InsurTech and consolidation driven by synergy based expense reduction."
Gavin Coull, Head of Reinsurance, said:
“Irrespective of continuing market conditions, and the significant catastrophe losses of 2017 and 2018, insurance/reinsurance will continue to be seen as an attractive (or at least favourable) destination for deployment of capital, in both the traditional and alternative markets.”