The president of Bermuda-based Endurance Specialty Insurance, Kenneth LeStrange, has said that conditions are going to remain "challenging" for the property and casualty (P&C) market. This is despite an influx of nearly $25bn of new investment capital since 11 September.
The president of Bermuda-based Endurance Specialty Insurance, Kenneth LeStrange, has said that conditions are going to remain "challenging" for the property and casualty (P&C) market. This is despite an influx of nearly $25bn (£17bn) of new investment capital since 11 September.
LeStrange believes that the whole industry is under-reserved, citing high asbestos and environmental claims as a major reason. He said business written in the 1990s was "very optimistically reserved, perhaps to the tune of $68m (£47m) or greater deficit".
He advised that insurers now need to look into the future and anticipate change, rather than always "staring in the rearview mirror". This hinges on embracing and deploying new cutting-edge technology, he added.
LeStrange spoke out on the state of the industry following the recent Bermuda Insurance Symposium.
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.
