Many insurers are at risk of folding after a market-wide failure to restore pricing discipline post Hurricane Katrina, Ascot Underwriting chief executive Martin Reith has warned.
Reith said that several insurers had failed to adequately anticipate rate hikes in the reinsurance market and would be left 'woefully overexposed' because they lacked the capital to buy enough reinsurance cover.
There was also a widespread shortage in the amount of catastrophe reinsurance available, he argued. Reith said: "The market's response as a whole has been pathetic."
A spokesman for Standard & Poor's confirmed that most reinsurers had delayed the renewals process beyond 1 January due to the impact of last year's hurricanes.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
