Thursday, April 4, 2013

We need to practice sustainable, says Kendrick Aces

21 March 2013 |By Matt Scott

Andrew Kendrick details of his vision for the future of take over.

Insurers must usher in an era of "sustainable take over" to deal with changes in the market who have made a "new normal" said ACE European Group President Andrew Kendrick.

Talking to an audience of industry members on an industry of London insurance market issues Lecture on Lloyd's today, Kendrick put his vision of what should be done to profit in a "permafrost" economy.

Kendrick set "five do's and don'ts of sustainable take over" that he said should be respected:

·         "Smarter allocation of capital,

·         Protection of the asset side of the balance sheet,

·         Control of our pricing strategies,

·         Better management of an investment portfolio and

·         Making more of the age of big data. "

These steps were highlighted in a response to a market that he said now found it difficult to reach and where new business profit was hard to come by.

He said that the changes in the economy means that combined operating ratios of 100% can no longer be relied upon to profit, and that "the industry should now focus on a combined ratio in the low to mid 90 's a chance to generate sufficient returns."

Closes his reading Kendrick said: "sustainable take over is not rocket science. Basically what it comes down to that a long term vision and a greater sense of resolve and purpose. "

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Title Post: We need to practice sustainable, says Kendrick Aces
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Author: Mohammad Zulfi Satriawan

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