Wake up call for London

The last five years have produced largely unsatisfactory results for London Market insurers. Poorly controlled exposures have forced many London market organisations to re-examine the operational basis of risk, reward and value management. PricewaterhouseCoopers, which recently conducted a survey on the operational (rather than the strategic) drivers for organisations within the London market, says that the record losses suffered by insurers as a result of the terrorist attack on the World Trade Centre was the final wake up call, clearing away any remaining complacency and hastening change among businesses. The following extract was taken from the PricewaterhouseCoopers study, Blueprint for the future: operational drivers in the London market – a survey of insurers , published last week. The survey was supervised by PricewaterhouseCoopers’ insurance practice partners, Paul Delbridge and Philip Calnan .