Evolution not revolution: Maintaining the competitive position: A survey of insurers, 2006
The fifth annual PricewaterhouseCoopers survey on the Lloyd’s and London Insurance Market examines some of the operational drivers shaping the future direction and performance of the market.
Most companies have not stood still in absorbing the lessons from the 2005 hurricane losses. Whilst they are confident that measures taken will stand them in good stead, this is tempered by concerns over the availability of reinsurance capacity on appropriate terms, whether management information is sufficient to provide a fully effective basis for decision-making and whether controls are rigorous enough.
The survey explored the nature and implications of key developments in underwriting, including evolving approaches to pricing, aggregation management and distribution. It also examined the advances made in the claims arena, a critical differentiator in an increasingly competitive global insurance marketplace.
The research is based on in-depth questionnaires and face-to-face interviews with executives from Lloyd’s and Company Market businesses, representing nearly 55% of Lloyd’s capacity and combined estimated gross written premium (GWP) of over £10 billion in 2006.
The four previous surveys focused on:
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