05/11/2020

Lloyd's CEO and Property Underwriters Share COVID-19 Response and Market Update

Exclusive Podcast from AmWINS

 

 

To navigate and listen to a specific segment noted below, hover over the podcast and select the icon.

While the insurance industry has faced significant events and economic challenges in the past, the COVID-19 pandemic is shaping up to be the largest single event in the history of our industry. AmWINS strives to continuously bring our clients valuable insight on market conditions and carrier response to help prepare insureds and deliver the best results possible during these difficult times.

In this exclusive podcast, John Neal, CEO of Lloyd’s, shares the state of the Lloyd's market and his perspective on both the danger of not handling claims appropriately as well as opportunities we have to demonstrate the importance of the insurance industry to the world’s economy. The podcast also features a panel discussion with London Property underwriters on how they view the pandemic's impact both the Property sector and their syndicate's business. 


What's Inside the Podcast?

 

02:37 - John Neal, CEO of Lloyd's, shares update on Lloyd's and COVID-19 Response*

  • 03:41 - Lloyd's response to COVID-19 and potential impacts to our industry
  • 08:17 - Lloyd's 2019 market results
  • 10:38 - Lloyd's priorities of performance, technology and culture

 

      17:02 - Property Syndicate Underwriter Panel

      Panelists: Simon Jackson (Beazley) and Neil Chapman (Unicorn Underwriters)

      • 18:42 - Which classes do you feel will be the primary sources of COVID-19 related losses to affect the London market and your entity?
      • 20:35 - Have you seen anything remotely similar to what is happening in the industry?
      • 22:27 - In your view, is the criticism of our industry for focusing on coverage restrictions fair?
      • 27:10 - What specific actions are your business taking to meet fast changing client needs around coverage and flexibility in terms and conditions?
      • 33:59 - Will Lloyd's continue to offer coverage with communicable disease sublimits and is there discussion within Lloyd's on developing coverage for pandemics in the future?
      • 38:41 - Will Lloyd's be able to maintain pricing momentum during this extraordinary economic situation? How is this effecting your business plans for 2020 and 2021?
      • 44:39 - How successful do you think the transition to remote working has been for the London market and does this mark the end of face-to-face negotiations?

       

      *Comments made by John Neal on April 23

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      Legal Disclaimer. Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.

      (c) 2017 AmWINS Group, Inc.

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