We think this is a time of great optimism for the insurance industry. Rapid globalisation is creating fantastic new opportunities alongside new and changing risks. In each issue of Hiscox Global Insight we will focus on one market segment, and in this issue we consider the challenges currently facing the terrorism and political violence market. We look at the changing threat posed by al-Qaida since it unleashed the 9/11 attacks, and also investigate the darker side of doing business in Africa.
The rapidly growing African and BRIC economies offer great potential, and there is no reason why London’s insurance industry should not lead the way in managing the unique risks of doing business in these The rapidly growing African and BRIC economies offer great potential and there is no reason why London’s insurance industry should not lead the way countries.
The rapidly growing African and BRIC economies offer great potential and there is no reason why London’s insurance industry should not lead the way
But to achieve that aim, our industry must become more responsive. At Hiscox we recently announced a split of our London Market business into two divisions to help us do just that. By separating Hiscox London Market Insurance and Hiscox London Market Reinsurance, we believe we can develop greater client focus and respond quicker to developing market opportunities.
Historically, the great strength of the London insurance market has been its entrepreneurial flair. Increasing regulation is blunting that can-do attitude so, in a way, it is even more important for us to ask when confronted with a new risk “why not?”, rather than simply “why?” Bravery should, as Robert Hiscox emphasises in his interview with Anthony Hilton, always be part of the underwriting mix. At Hiscox we have always believed in empowering our underwriters to make decisions and seek out opportunities where our expertise and knowledge can enable us to do a deal where others might not.
The restructuring of Hiscox London Market will help make that expertise even more accessible and it’s one of a number of steps we are taking to make it easier for you to do business with us. Other developments include: the creation of a new open-plan floor for claims brokers at 1 Gt St Helen’s; the forthcoming launch of an online Hiscox underwriter availability tool; a new bespoke claims system, ’Claims+’, to further improve our claims performance; and better communication, with a new Hiscox London Market website and the launch of Hiscox Global Insight.
I hope you enjoy reading this magazine. The content is aimed at being thought provoking, and at times a little controversial, so if you have any questions after reading the articles our underwriters will be happy to try to answer them. Also, if you have any suggestions for subjects that you would like to see covered in greater depth in future editions, please email email@example.com.
Paul Lawrence – London Market Chief Underwriting Officer at Hiscox