PLUS Webinar Finds London Market Optimistic After Covid-19

The London chapter of PLUS (the Professional Liability Underwriting Society)  yesterday met for a  webinar to discuss the question “To what extent will this crisis lead to a permanent move away from the face to face market?”

Almost 100 members of PLUS in both London and North America gathered to debate the topic alongside panel members:

  • Ariel Berman, Head of Financial Institution Division, Marsh
  • Jana Ratnajothy, Focus Group Leader, Large Risk A&E, Beazley
  • Matthew Wilson, CEO, Travelers Europe
  • Richard Harrison, Partner, Clyde & Co LLP
  • Zina Saeed, Head of Management Risk, Tysers

The panel was moderated by Max Carter, CEO of New Dawn Risk.

Following the debate, the audience was asked for their views on the future of the London market, and the results were positive, reflecting the views shared during the debate that the market was coping surprisingly well with virtual broking and underwriting.  Of 94 members polled:

  • 60% expect London market to come back stronger after COVID
  • 88% expect the London market to change for the better as a result of the pandemic
  • 52% believe placing business will ultimately be cheaper for international clients
  • 28% believe that within a year placing business will be quicker for international clients

The panel debate highlighted the way in which the market had adapted quickly to virtual working, although panel members commented on some of the demands that virtual working places on those tasked with building new relationships, rather than relying on those in existence already.  Other challenges included the difficulty for brokers of getting access to underwriters, and the increased strain of difficult risk-placement conversations when these cannot be held face-to-face. While all panel members felt that teams were beginning to miss the energy brought by human interaction, most agreed that flexible working would be the likely future for EC3.

Max Carter, CEO of New Dawn Risk and Moderator of today’s PLUS webinar commented: “A key belief shared by the whole panel was the need for the London market to remain true to its core values in covering complex risks, based on a deep knowledge about where and how to get the most challenging individual risks resolved for clients.”

“Overall, we were delighted with the positivity which came from members attending the debate, and it is great to know that members have faith that the technology and relationships which underpin this market will allow us to continue to place and manage risks for our clients effectively.”

About alastair walker 11366 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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