Thursday, April 4, 2013

Kendrick warns insurers over long-tailed obligations

21 March 2013 |By Matt Scott

Can a underwriter last year to book to collapse.

Past book of long-tailed obligations may come back to haunt the industry according to ACE European Group President Andrew Kendrick.

Answering questions after a lecture at Lloyd's of London insurance market issues industry today, Kendrick said take over the long term was the most likely cause of an underwriters collapse in the future.

He noted that any error in the past year reservations can result in a great period of reserves that need adjustment. "There comes a time when there may be a realisation that reserves shortage that has been booked over the last 5, 10, 20 years suddenly becomes clear," he said. "And then you have to deal with a huge problem and that kills your balance."

Kendrick had talked about the need for insurers to practice "sustainable take over" a response to a weaker economy and a tougher market than the industry was used.



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Title Post: Kendrick warns insurers over long-tailed obligations
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