Insurers must improve hurricane technology says Levene

Lloyd's chairman Lord Levene will tell insurers in Miami they must improve technology in preparation for another extreme hurricane season in 2005.

Levene will call for:

·Improvements in hurricane forecasting through investment in new technology and research to improve understanding of risks and their impact

·Further improvements in disaster modelling, disaster planning and claims handling

·Second insurers and regulators to work more closely for better disaster planning

·Better handling of claims. Pointing to the shortage of adjusters on the ground during the 2004 season, Levene will say that the relationship between the adjuster and the insurer is critical

Lloyd's incurred the largest loss from the hurricanes of any carrier with a net loss of $2.3bn from the four storms.

Levene will say: “Given the apparent upward trend in catastrophe events, we are left in no doubt as to the need for robust, effective disaster planning for the future. That should not mean companies acting in isolation.

“Part of the process must involve insurance markets and their regulators working together more closely on an ongoing basis, sharing their respective knowledge and expertise.”