Analysis

Briefing: How to lose friends and alienate Rolex wearers

By 2026-09-09T08:00:00

Toby Clegg

Clegg Gifford chief executive Toby Clegg questions whether a future advantage in underwriting may lie in more accurately pricing the risks originating from moral hazard and insured behaviour

There’s a notorious Lloyd’s and London market checklist that members are known to proudly work through, ticking off items off as they are acquired.

The classic examples include the 43-inch waist – a product of long lunches and splitting Gs – the gouty toe or toes, the curry-stained Hermès tie and, naturally, the Rolex Submariner.

It’s this last item that leads to an ironic curiosity of the London market, whereby some of the best underwriters and brokers in the world become, at least from a moral hazard perspective, one of the worst risks.

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