There are signs of diminishing rate volatility but terms and conditions remain under scrutiny according to Miller’s latest London Market Update.
John Eltham, Head of Commercial Strategy and Performance commented, “Our latest update on the London market sends an encouraging message in that there is more consistency in underwriting appetite and approach compared with the volatility of 2019 and first nine months of 2020. Quality of submissions remains the essential component for success in a market place where underwriters are writing very selectively.”
Referring to the impact of the pandemic, Miller’s London Market Update also observes that the cyber market is hardening quickly because of the severity and frequency of ransomware losses and the ongoing work from home environment is increasing exposures. In the financial institutions market the report advises of the extent of due diligence required to avoid pandemic-related exclusions. Other observations are made across a number of other areas including accident and health, construction, contingency, financial institutions, energy, marine and terrorism.
Miller’s London Market Update, released twice a year as part of Miller’s North American bulletin, provides commentary across a range of different sectors. This latest edition also includes a write-up of a recent marine cargo roundtable held with a number of underwriters as well as a feature on developments in the M&A market.
Read the bulletin in full