Bermuda Market Survey
Few would disagree that 2006 was a period of great opportunity in which many capitalised to the fullest extent, but following the disastrous losses of 2004 and 2005 only an adverse hurricane season or a cycle downturn will realistically test the effectiveness and sustainability of the changes companies have made as a result.
In the autumn of 2006, PricewaterhouseCoopers surveyed a cross-section of commercial insurance and reinsurance companies (comprising a substantial proportion of the Bermuda market's 2006 capacity) in order to provide a unique insight into how they are addressing key operational challenges. The results reveal a high degree of consensus regarding the key issues facing survey participants, with most CEO's listing such factors as achieving improvements in underwriting performance, institutionalising effective cycle management, effective monitoring of aggregations of exposure, optimisation of reinsurance spend and protecting and effectively allocating capital among their top priorities. The results also provide insight into how participants are responding to these challenges.
