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Key Issues Covered

Emerging risks

The ICR Business Panel examines the key issues and trends relating to casualty treaty insurance in the Lloyd’s market. It particularly keeps ahead of emerging risks, such as forever chemicals (PFAS) and other emerging contamination exposures, processed food, concussion, climate risk, social media addiction and artificial intelligence.

Exposure management

Exposure management in international casualty reinsurance is inherently complex due to the unpredictable and long-term nature of the risks. Managing it effectively requires robust data, global legal insight, effective underwriting and constant vigilance. The panel works closely with the LMA’s Exposure Management Working group’s (EMWG) casualty panel to contribute to thinking and Lloyd’s RDS discussions.

Data quality and analysis

Data quality and analysis remain key bottlenecks in international casualty reinsurance, limiting the industry’s ability to comprehensively assess risks. The ICR Business Panel is looking to address this challenge through addressing needs with Lloyd’s and their data analytics teams.

Indexation

Indexation is an essential tool for managing long-term inflation risk, but its application is notably more complex in casualty insurance due to the long-tail nature of liability claims. As global inflation becomes increasingly volatile, reinsurers must navigate this challenge with greater precision, ensuring clause clarity and sensitivity to jurisdictional nuances.

Loss definition and aggregation

Unclear wordings, inconsistent legal interpretations and the inherently complex nature of liability exposures present issues with loss definition and aggregation. These factors can lead to significant challenges for both cedants and reinsurers, especially in today’s world of emerging systemic risks and long-tail liabilities.

Wordings

The ICRBP helps to develop and issue LMA wordings for use across the market. To receive email notification of new wordings, please subscribe.

LMA5536 Cyber Clause (Casualty Treaty) – General Casualty US Casualty Reinsurance
LMA5458 Cyber Exclusion Clause – (Casualty Treaty)

Upcoming events

For events hosted online, joining instructions will be emailed to all registered attendees closer to the date of the event no later than 24 hours prior to commencement.
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The LMA Property Insurance Claims Group (PICG) invites you to an event discussing forensic meteorology.