Sunday, May 28, 2017

London losing steam in reinsurance

Other markets are eating up London’s share of the global reinsurance industry, according to a recent report.

Additionally, the British capital is also losing insurance business to emerging markets in other parts of the globe.

In 2015, Lloyd’s and other firms in the city accounted for 12.3% of the US$165 billion global reinsurance market, a decrease from 12.4% in 2013, according to the Boston Consulting and London Market Group in its report.

London’s share of the insurance markets in Africa also slid to 3.3%, in Asia 2.7% and in Latin America 8.1%.

The report explains that the London market brand does not appear to resonate in emerging markets.

This happens at a time when market conditions are challenging with the strong competition. London seems to be losing the battle to emerging centres like Bermuda that have given more attention to catastrophe bonds and other alternatives to reinsurance.

 

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