Given that some of the Lloyds syndicate’s have been in the forefront of property rates that barely meet the fire load in Houston and Florida for years, I for one do not feel in the least sorry for them now taking it on the chin. It continually amazes me how short the memory is within this industry.
Although catastrophes are rare, fortunately, our industry will continue to forget that they do happen. The product needs to be priced adequately for all exposures.
Their recent behavior on the Casualty side of the business has not been much better. They really don’t get the U.S. insurance market. This will help teach them. Way to go London.
Given that some of the Lloyds syndicate’s have been in the forefront of property rates that barely meet the fire load in Houston and Florida for years, I for one do not feel in the least sorry for them now taking it on the chin. It continually amazes me how short the memory is within this industry.
Although catastrophes are rare, fortunately, our industry will continue to forget that they do happen. The product needs to be priced adequately for all exposures.
Their recent behavior on the Casualty side of the business has not been much better. They really don’t get the U.S. insurance market. This will help teach them. Way to go London.