Higher attritional weather-related claims put a sizeable dent in many insurance and reinsurance firms’ earnings.
While the world faces logistical challenges from COVID-19, insurance claims will continue to occur, and weather-related catastrophes will not abate due to the disease.
London insurers write a diverse range of policies across lines of business and geographies that it’s difficult to ensure policy language is up to date and consistent.
Not understanding the quality of a risk can lead to poor attritional loss ratios, which is why it's paramount that Lloyd’s underwriters not lose out to poor-quality data.