- Swiss Re latest sigma study-"Global economic and insurance outlook 2020" says global economic growth will remain strong over the next two years, although momentum has peaked
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- FRISS Insurance Fraud Report 2018 indicates insurers prioritize fraud detection and prevention but there is room for improvement
- ABI reports UK motor insurance payouts up 4% averaging £23m per day in first nine months
- CII launches ambitious programme to bolster its outreach to young people across the UK, with over 1,000 schools to be targeted nationally in the new Discover Risk programme.
- RMS estimates that the insured loss for the Camp and Woolsey wildfires in California will be between $9 and $13bn expired
- Polaris announces Banga as new Managing Director expired
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- Assurant appoints CFO, Europe expired
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- SOBC DARAG Holdings acquires the entire share capital of SOBC Services expired
15th August 2018
LMA says 80% of Lloyd’s managing agents would “like to see Insurance Linked Securities (ILS) products become a permanent fixture in the re/insurance market”
80% of Lloyd’s managing agents who responded would “like to see Insurance Linked Securities (ILS) products become a permanent fixture in the re/insurance market” according to a survey by the Lloyd’s Market Association(LMA).
As a follow up to an event run by the LMA and Vario Partners on 11th May, the Association polled senior executives from 25 managing agencies. More than two thirds see a potential use for the new UK ILS framework in the next 12 months, 60% would like to see Lloyd’s Central Fund diversify its sources of capital through ILS, and 100% believe ILS transactions will widen to cover more risks, including cyber and legacy business, in the next three years.
The research provides insight into the concerns, opinions, and priorities of LMA members. Significant findings include:
-88% would like to see London leverage its underwriting expertise to gain access to currently uninsured risks using ILS capital.
-36% of respondents believe Lloyd’s framework will need to change to accommodate more use of ILS.
Ken Curtis, LMA director of finance and risk, comments “This research shows that market participants are extremely supportive of increasing the use of ILS generally, and doing so at Lloyd’s in particular. The new UK framework has already been tested by a Lloyd’s syndicate, and the market will explore ways to make future transactions even simpler and more efficient.”
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