Modernisation and associated costs the ‘biggest challenge’ for London Market

22 Oct 2019

The main challenges in the re/insurance market are modernisation and the associated costs, according to Damian Cleary, partner and head of London Market & Reinsurance at BLM.

Speaking to Intelligent Insurer, Damian said: “The supply chain of insurance and reinsurance is long and thus expensive, requiring change. Coinciding with the high capital expenditure of resulting innovation and modernisation, the returns of which will take time to feed through, and significant loss creep of major events (hurricanes Harvey, Irma, and Maria, Typhoon Jebi and major cyber attacks such as the NotPetya malware), balance sheets are coming under strain and equally severe scrutiny by the regulators.”

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Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to customers of BLM. Specialist legal advice should always be sought in any particular case.

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