Risk
consultancy service
The catastrophic events of 11 September 2001 had a
drastic effect on an already seriously weakened global
insurance industry. With losses from this event widely
reported as being anything from $30 billion to $70
billion, whatever the final cost, the insurance market
is going to be a very different place for years to
come.
Many insurers renew their reinsurance treaties on
1 January. This year's treaty renewal season was difficult,
but the anticipated severe contraction of capacity
did not take place. Additional capital entered the
market and offset contractions in capacity from some
existing players.
However, reinsurance underwriters are determined to
improve loss ratios and are forcing through increases
to direct insurers. To direct insureds, this has resulted
in increases of between 30% and 40%, but of 500% or
more in some extreme cases.
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Whilst
this is an over-simplification of market conditions, there
is no doubt that the insurance market is currently extremely
difficult, and looks set to continue this way for the foreseeable
future. The
effects of these market changes are being experienced by
policyholders in the form of large rate increases, substantially
increased self-insured retentions, and restricted coverage.
This is likely to be the pattern for the foreseeable future.Many
companies now find themselves in a position where, as a
result, they have to retain a level of risk on their balance
sheet never before envisaged. Even before 11 September it
was becoming increasingly difficult for companies to look
to their insurers to finance their attritional losses. Now
many companies are finding the insurance industry is also
unwilling to finance elements of their catastrophe exposures.In
such a climate it is even more important that clients understand
and manage their risk exposures. A professional risk adviser
should have the capability to guide his client through the
process of identifying and analysing risk, to identify sources
of risk finance from a global marketplace, and to help clients
control those residual risks that are incapable of being
transferred. Our group are capable of providing a complete and integrated
risk management service, utilising the skills of carefully
selected consultants and partners who are specialists in
their fields.
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Corporate
risk consultancy
