For the third year running, underwriters in the Lloyd’s market have identified managing the cycle as the most important challenge for the industry, and over two-thirds believe that the industry has made some progress managing it, according to Lloyd’s.
Lloyd’s conducted its third Annual Underwriter Opinion Survey in January, polling 116 underwriters, who gave their views on the challenges and opportunities for the market over the next 12 months.
Lloyd’s noted: “Perhaps unsurprisingly, two-thirds of the respondents perceive climate change to pose a major challenge to the insurance industry and nearly half believe insurance buyers are ill-prepared for the impact it will have on their businesses.
Terrorism, political, energy, property and directors and officers are, according to the survey, the risk categories expected to show the highest growth, in premium income, in 2007.
“Focusing on reform activity within Lloyd’s, the majority believe that the Lloyd’s market is enhancing its processes rapidly. Furthermore, the majority (81 percent) of underwriters believe that the Lloyd’s market is committed to further business reform.
“In terms of global business, China was cited by a substantial proportion as the area with most significant growth opportunities in 2007.”
The complete survey is available on the Lloyd’s Web site at: www.lloyds.com.
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