Predictions of Armageddon for the insurance and reinsurance industry post-11 September have proved unfounded, International Underwriting Association (IUA) chairman Stephen Cane has said.
He said the recent renewal season had demonstrated "beyond doubt" the London market's continuing ability to serve its customers.
"I predicted after the World Trade Centre atrocity that IUA members would give a good account of themselves, and so it has proved.
"We continue to provide excellent capital, security and expertise; and there's increased demand for our services," he said.
Cane added that although it was too soon to produce reliable figures for the renewal season, it was clear that there had been significant rate increases across virtually all classes of business, with some lines producing particularly large rises.
He repeated his warning that the more favourable business climate should not deflect the market from modernising.
"In the next month or so we will see an important step forward with the introduction of standardised London market slips, which are intended to streamline and speed up processes.
"IUA members will be willing to use them wherever they see advantages in doing so," he said.
"However, the approach must be pragmatic, and it is important to keep these changes as simple as possible. We must aim for ground-up improvements, and move away from trying to create Utopia."
