It’s been a long time coming but 2017 looks to be the year when the market finally turns. We’re seeing price corrections in loss-exposed lines like US property and I expect a mismatch between the supply and demand of insurance and reinsurance to bring some much-needed rebalancing in prices. It is one reason why we have secured Lloyd's approval to increase the capacity of our Syndicate 33, and we expect to return Hiscox London Market to growth in 2018.
To help us take full advantage of the opportunity and ensure the long-term sustainability of our London Market business, I’m delighted to welcome Kate Markham to the newly-created role of CEO for Hiscox London Market. In her first interview since her appointment, Kate discusses what she's learned during her varied career and why this market offers great opportunities for those companies that make the right strategic bets.
Rise of the machines
Also, we ask whether the boom in the use of commercial drones will create a big opportunity for the insurance sector. And, while insurtech might be a bubble waiting to burst, we argue that a glittering prize awaits the winner of the race to create the perfect digital insurer.
We look at whether the rise of ‘TomTom’ navigation is contributing to the increased numbers of shipping collisions and if the insurance industry is ready for the multibillion-dollar liabilities that a new generation of super-sized ships could create.
We also find out what early lessons have been learned from Hurricane Harvey; the London Market Group’s progress from its CEO Christopher Beazley; take 60 seconds with Mark Shaw, our Head of Business Development and Marketing; and hear from Bobby Read as to why every wine lover should raise a glass to a raffish English priest.
I hope you enjoy reading this issue.