In an article featured in Insurance Business UK, John Richards, SVP, Head of London Market Financial Institutions, shares his views on challenges, progress and the changes that lie ahead for the Financial Institutions market.
Highlighting the various impacts on carriers, he noted, “The stress created by COVID-19 will see a clear separation emerge between those who have the appetite, capacity and flexibility to lead in this class and those who don’t. Sompo International is very much in the small group of those that continue actively to participate in this class.”
He advises that as we look ahead, specialist FI markets should engage more effectively with insureds on every risk and focus on building long term relationships based on improved understanding. “They will also be placing renewed emphasis on technical underwriting and better training. While this has, unfortunately, not always been a focus for many carriers during the soft market conditions, we have a real opportunity now to build for the future,” he said.