Macroeconomic claims trends 2016/2017 – Casualty, Property & Environmental and Professional and Financial Lines
Speakers: Philip Adamis - Property and Enviromental; Victoria Kennedy - Casualty; Lucy Tolond - Professional and Financial Lines
The impact of Macroeconomic Trends on claims (UK and Ireland)
National and international economic cycles inevitably have an enormous impact on the insurance industry. Any shift in economic conditions can cause considerable losses, making it more difficult for insurers and MGAs to achieve underwriting profits.
With the UK economy currently growing and inflation rates at an all-time low, what does that mean for MGAs? What are the implications on claims in terms of both types and volumes – and can we learn lessons from what’s gone before, both in the UK and further afield?
Working alongside the IoD, BLM has investigated the impact of these trends on past, present and possible future claims in the areas of professional and financial lines, property, environmental and casualty and the potential impact on insurers and MGAs writing this business.