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London Market Still Has Much To Prove

Against a backdrop of dismal market conditions, London insurers and Lloyds syndicates are starting to feel the pain. Questions are now being posed regarding the likelihood of future underwriting profits in a market once renowned for its innovative skills.

Undoubtedly the last few years amount to one of the most severe periods of competitive underwriting, and London, like its international counterparts, is suffering as a result.

Fitch believes we are now witnessing the end of the soft market, with rate increases likely to continue throughout 2001. The 2002 renewal season could see the majority of classes being underwritten at their break-even rate or better for the first time in many years.

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