Although the London market is unique, trends challenging the world's oldest insurance center–softening prices, increasing competition, pressure to cut expenses–mirror those around the globe, with the exception of the major fallout from the subprime market meltdown in the United States, London experts observed while attending the recent Reinsurance Rendez-Vous in Monte Carlo.
London is somewhat isolated but certainly not immune from the subprime woes rocking U.S. financial markets, with concerns raised about the amount of directors and officers claims that may emerge against players who got in over their heads in the mortgage crisis.
But in the meantime, as everyone waits to see how the subprime debacle will play out, “we're all having to grapple with falling [premium] rates, falling investment income, claims inflation,” Richard Ward, chief executive officer of Lloyd's, told National Underwriter.
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