Steps that London reinsurers have taken to better manage their catastrophe exposures in response to the record hurricane losses of 2005 may not be enough, forcing them to take a new look at underwriting strategies, a survey of 20 players in the market–including Lloyd's–has revealed.
"When we did last year's survey, we saw a big investment had been made in underwriting discipline, and then [Hurricane] Katrina came along and made people think again about whether they had really focused–particularly in the area of aggregates," Andrew Kail, a partner with PricewaterhouseCoopers LLP, which conducted its fifth annual survey of the London market, told National Underwriter.
"The big changes that jump out this year are that people have gone back to the drawing board, particularly with underwriting strategy," he noted. "They're also looking to make sure that the data they have on the organization actually tells them what they need to know."
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