Similar to trends in other global insurance markets, London is becoming more competitive across the board, with underwriters cutting premiums and boosting coverage to keep accounts and add new business. But that doesn't mean price should be the only consideration for buyers or underwriters, one veteran of the Lloyd's and brokerage communities warns.
“In terms of market conditions, our clients are finding the London market competitive in virtually every single major line of business London is good at–from aviation, to marine, to large property placements and large casualty placements,” according to Julian James, chief executive officer of Lockton International, based in London.
“We're finding that premium is going down in virtually every line,” he said, adding that there is an increasing level of competition among underwriters. “For good, risk-managed business, the deductibles are reducing, and in certain cases coverage has been extending.”
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