Lloyd's

The world’s largest specialty insurance market must minimise its use of jargon and make processes easier for capital investors to understand, panellists at Trading Risk’s ILS Week said.

The former Aviva executive joins the Corporation with the new position.

Lloyd’s hopes to give institutional investors greater access to non-catastrophe risk.

Lloyd’s has completed its initial consultation with brokers and underwriters about the future of the room following the end of lockdown.

Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said.

Property reinsurance losses were up by 70% year on year, but property insurance business reported a steeper loss.

Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.

Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.

The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.

Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.

The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.

The start-up's reinsurance division will target cat and retro business as well as a selection of specialty lines.