Heath Lambert Group has released its annual insurance report, “State of the Market 2006: a view of the insurance landscape”.
Markel said 2005 was ‘The Year of the Hurricane', but despite the industry's worst ever losses, the “many pay for the few” approach seemed to be shunned by many reinsurers at 1 January renewals.
The company said that sectors outside those directly suffering significant hurricane losses (energy and property) were only mildly affected.
The key points from the report include the growing threat of the Bermudan market to the London market, the difficulty of contract certainty for large and complex businesses and the threat to the industry of an Avian Flu outbreak.
