Lloyd's James: 'market should be left to price cat risk fairly'

The global insurance market should be left to price catastrophe risks fairly without State intervention, insists Lloyd's Director of Worldwide Markets Julian James.

Speaking at Insurance Times' Forces of Nature conference on Monday, James said the industry should not be “passengers” in the debate on catastrophe risks and should understand and get actively involved with the government on dealing with the issue.

He told leading figures from the world of insurance, science and politics, who attended the conference to discuss the issue of climatic change: “It is staggering to think that people are paying less for catastrophe risk now than in 1995. There is a fundamental disconnect going on in our industry.”