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General Insurance
We live in testing times
One hundred years on from the 1906 California earthquake which cost the global insurance industry an estimated US$235 million (US$4.9billion in 2005 figures), lessons are still being learnt. Last autumn’s US hurricane season challenged the foundations of a number of insurance firms around the globe, as catastrophe models were, in many cases, said to have failed. Were it not for the recent strong performance of the insurance industry, there is a possibility that many more insurance firms would have collapsed.
The competitive dynamics of the industry are in a state of flux. Insurance firms are dealing with a weaker investment scene with equity returns in the low single digits compared to the double digits achieved in the late nineties. Reserving continues to be a challenge to the industry, with reserve deteriorations a frequent company announcement. Regulation has become a key driving force of change with the Lloyd’s Franchise Board, the FSA and the European Regulators all driving their agendas forward. The drive for the most efficient use of capital is becoming increasingly complex. All of this change is being closely watched by the rating agencies.
Inevitably, in this changing landscape, there will be winners and losers. The winners will be those best able to adapt to change and drive value from it.
At KPMG, we help our clients address these issues plus many others and help them drive value from them.
KPMG in the UK's General Insurance practice employs over 300 people across a broad range of services, including Advisory, Audit and Tax. Please do contact us so that we can discuss how we can work together in a focused and pragmatic way for your business.
| If you have any general insurance queries please contact: |
| Chris Le Serve |
tel:
020 7311 5715 |
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