Innovation coming from the Lloyd’s market
November 2, 2021 by Jason ContantThe Lloyd’s market has seen some “remarkable technologies” emerging recently, Marc Lipman, president of Lloyd’s Canada, said during the virtual IBAO Convention late last month. “A couple of Canadian-based companies have travelled to London to work through the Lloyd’s lab…
Combined ratio drops 18.2 points in the Lloyd’s market
September 14, 2021 by Greg MeckbachThe Lloyd’s market has returned to profitability. The Corporation of Lloyd’s has reported a 2.1-point improvement in its attritional loss ratio, from 52.6% in during the first six months of 2020 to 50.5% in the first half of this year.…
How Lloyd’s says your client could suffer reputational harm
August 25, 2021 by Greg MeckbachUp to a quarter of the value of some of your commercial clients’ firms could be their own brand and reputation. This reputational value could degrade quickly if your client is perceived to have behaved badly, a Future of Insurance…
How Lloyd’s insurers will react to capacity reductions in Canada
August 16, 2021 by Greg Meckbach“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”…
How Lloyd’s Canada says the industry can better prepare for the next time a pandemic causes business interruption
August 9, 2021 by Greg MeckbachLloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president…
The real advantage of straight-through processing in the Lloyd’s market
May 31, 2021 by Greg MeckbachManaging general agents who can place small business coverage digitally through the Lloyd’s market are at a competitive advantage over MGAs using traditional paper-based processes, an insurtech CEO suggests. “We are one of the very few MGAs that has straight…
Where MGAs could find new capital as Lloyd’s limits capacity
May 8, 2021 by Greg MeckbachWith some commercial coverages becoming harder to place in the hard market, reinsurers are looking to distribute through managing general agents, Virtual Symposium B.C. attendees heard Thursday. “I had two meetings today with two separate reinsurers who are very interested…
Pandemic will cost the global P&C industry more than $250 billion: Lloyd’s
April 7, 2021 by Greg MeckbachThe pandemic will cost the global insurance industry at least US$200 billion, Lloyd’s predicts. “We estimate that the global insurance industry will pay around US$203 billion in claims and due to a reduction in asset values as a result of…
How Lloyd’s says the industry can make commercial policies easier to read
October 21, 2020 by Greg MeckbachTraditional insurance policies can be hard to read on mobile devices and legalistic language can make them difficult to understand, Lloyd’s suggested in a recent report. The design and format of policy documents is important, Lloyd’s said in Building simpler…
Veteran brokers are seeing their first-ever hard market. What they need to know.
September 18, 2020 by Greg MeckbachBrokers with more than a decade of experience could be experiencing their first real hard market right now, and they could probably use some advice about how to break bad news during renewals, an Alberta managing general agent (MGA) suggests.…
How Lloyd’s is handling claims differently with COVID-19
June 3, 2020 by Greg MeckbachIn response to the ongoing pandemic, the Lloyd’s market is changing the way claims are handled when multiple syndicates write one risk. “One challenge with COVID-19 is the subscription nature of the market, whereby it is often several syndicates writing…
New president for Lloyd’s Canada
June 1, 2020 by Greg MeckbachMarc Lipman, former chief operating officer of American International Group (AIG) Canada, is the new president of Lloyd’s Canada. Lipman (pictured, above) replaces Lisa Duval, who had served as Lloyd’s Canada’s attorney in fact and chief agent, on an interim…