The Harsh Market: Future of the London Market
Overview
Premium rates, and the scope of cover and capacity, have continued to disappoint. Nevertheless, the latest survey results here suggest signs of ‘green shoots’ where the pace of the hardening is slowing, in line with other surveys on the market. But we are not out of the woods yet, and premium rates for cyber are skyrocketing.
This report is also set in the context of growing discussions on the future of the London Market, with a view to its post- Brexit and post-pandemic life.
The pandemic-driven surge in the use of digital technologies by member organisations, many of which adjusted at short notice to remote working, has accelerated the longer-term trend towards digital transformation. As our respondents underscored, current insurers stand to lose business to more modern, agile insurance competitors who are without legacy systems, unless they also up their game in the digital sphere.
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