London–London market leaders are warning that the status quo in premiums, demand for coverage, rating agency assessments and modeling will all be shaken by the hurricane damage to the U.S. Gulf Coast.
Although early indications are that much damage from Hurricanes Wilma, Rita and Katrina was not heavily reinsured outside the United States, London is likely to pick up a sizeable chunk of the tab simply because catastrophe business is one of its specialties, according to participants at the first ACORD Forum here.
The ACORD session focused on London market reform efforts–primarily by introducing new standards into business processing.
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