Insurance and Reinsurance
Computers and the internet were designed to make our lives easier. Regrettably, digital technology is often misused to take advantage of others. The rapid growth of cyber-crime has led to a huge demand for insurance protection against cyber-attacks. Insurance reports show global losses due to cyber-crime were approximately $600bn in 2017. Huge challenges lurk on the horizon, with Lloyds of London alone writing gross speciality premiums of £33.6bn ($44.9bn) in 2017, a 12% increase. Speciality insurance includes high hazard, cyber liability and other non-standard general insurances.Whilst there is evident concern of the high risk, high return nature of the speciality insurance market, the industry continues to face a number of challenges, particularly the relevance of reinsurance and a perceived lack of underwriting talent in the marketplace.
The Buchler Phillips insurance team, led by Larry Jobsz and David Buchler, has pioneered new solutions in the sector for more than 20 years, since their involvement in unravelling the LMX spiral in respect of the 1992 and prior year losses for the marine, aviation and property catastrophic claims. This mammoth exercise provided a deep immersion into the insurance and reinsurance world, with lasting insight. The team is equally well placed to advise on Schemes of Arrangements and other potential related challenges facing this particular industry.