JLT Fac Market Update

2019: Issue 1

2018 will go down in Insurance history as a key year to remember. The market has faced another challenging year, with loss ratios still faltering and “catastrophe losses” continuing at a pace. The Wildfires that have besieged California this year – following the fires of 2017 and the subsequent mudslides at the beginning of 2018 – have caused the people of California much pain and anguish and our thoughts go out to them. The increase in Wildfires/Bushfires on a global basis has also given the market much food for thought over how to underwrite such exposures.

The Lloyd's decile 10 review conducted throughout 2018 has been long overdue and challenging for all, but the outcome is ultimately to ensure continuity and continued innovation at Lloyd’s as has been the case for over 300 years. Despite the adverse publicity and inevitable catastrophisation of the future of Lloyd’s, nothing could be further from the truth. Lloyd's still has a strong and unique offering that continues to be the nucleus of all that makes the London Insurance market great.

The M&A activity continues abound, and our own recent M&A with MMC purchasing JLT is an inevitable part of the future. It does however create some challenging dynamics in an ever changing environment. The world economies continue to add to these challenges and I know we are all fed up with hearing the word “Brexit” and the move into the unknown for both business and the people in the UK overall, but this will be pivotal to us and many of our customers.

The JLT Fac team remain positive and committed despite many of these hurdles, and continue to promise the delivery of both excellent service and impressive results to our clients. We thank you again for your confidence in us and we look forward to our continuing relationship throughout 2019 and beyond.

Vanessa Macdonald-Smith
CEO JLT FAC

 

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