London Market Conference Recap
Check out our recap of the recent London Market Conference including an interview with our CRO, Richard Gunn on pricing, inflation, and the hardening market.
Last week, we attended the London Market Conference hosted by the Insurance Insider, bringing together London market insurers to examine some prominent challenges and opportunities facing the industry through thought-provoking debates and discussions.
During the conference, our Chief Revenue Officer, Richard Gunn, met with the Managing Director for Insider Engage, Meg Green, to discuss all things pricing, the impact of inflation on the market, and the hardening market.
Watch the full interview here.
Meg: “What are you seeing in the market today?”
Richard: "We're seeing lots of uncertainty and challenges around the growing inflation, impacts of COVID-19, and the ongoing Ukraine war, making it even more essential for insurers to look at the granular details for their pricing strategy."
Meg: “What are the challenges with getting the price right?”
Richard: "There are multiple challenges, especially since insurers are pricing risks they don't know the outcome of, so there's a huge amount of uncertainty. However, in the last couple of years, there's been increased emphasis on enabling the underwriter to have enough data available to them to price their risks, including data from third-party systems and historical data from internal systems."
Meg: “How would you say capacity tightening impacts pricing?”
Richard: "Step one is for insurers to sort out their data houses and ensure they're amassing relevant data today to make better pricing decisions for the future. We're seeing increased competition for capacity and higher standards for the data insurers are presenting to reinsurers or MGAs. Insurers need to focus on building strong databases to give their capacity providers as much confidence as possible."
Watch the full interview here.
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