Insurance pricing environment remains weak
Broking group JLT says its third quarter trading performance is in line with expectations despite tough insurance markets and the wider economic environment.
In its interim management statement for the period from 1 July to 7 November, JLT acknowledged that its performance is influenced by the economic activity in the markets where it trades, and the global economic outlook remains uncertain.
However the company added, without providing numbers, that it remains on track to achieve its objectives and deliver year-on-year financial progress.
“JLT continues to make good progress,” JLT chief executive Dominic Burke said in the statement. “While there is some caution about the wider economic environment, we remain confident about the future prospects for the group.”
JLT said organic growth in its risk and insurance business in the third quarter was “encouraging”, with a strong contribution from Latin America and Asia. It added however, that conditions in more developed markets such as Europe have been more challenging.
The broker pointed out that the insurance pricing environment remains weak across most sectors, with the international markets being particularly competitive. But it said the recent run of natural catastrophes have rendered the London and Lloyd’s markets less receptive to further rate reductions.
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