Lloyd's director of worldwide markets Julian James said there is currently an "unhealthy focus on hurricane risk in the US".
Lloyd's director of worldwide markets Julian James said there is currently an “unhealthy focus on hurricane risk in the US. It's a big issue but not the only big issue.”
James likened the situation to five years ago after 9/11 when the industry's focus was firmly on terrorism cover.
"After 9/11 they became overly obsessed with terror risk and I was saying at the time ‘don't forget about nat cats'. The basic risks are still the same."
On technology, he said the market had come on in leaps and bounds since the demise of Kinnect, which was “disappointing”.
“Technology changes and circumstances alter,” he added. He said the G6 peer-to-peer initiative's main advantage came from being market-led.
“Any initiative that's going to increase efficiency has to be good. What always happens when there is a bunch of leaders is that it raises standards.”
The real challenge was getting people to accept change, he said. “You have to get people to change their established behaviour – its not the technology it's the people.”
Embracing new technology will also help the market achieve its 85% contract certainty target for the year end. “There has been a lot of progress over the course of the last 12 months,” he said.
“People I talk to recognise that it needs to get done and unless industry does it itself someone will impose it on them.”
