Tokio Marine Kiln reveals updated forecasts
Tokio Marine Kiln has unveiled updated forecasts for its Lloyd’s syndicates, with Syndicate 510 reporting a small improvement in 2014 forecast profits.
The syndicate upgraded its forecast range to 4.5 to 9.5 percent, compared with a forecast range of 4.1 to 9.1 percent forecast in August 2015. This is despite losses on the Shoreham Airshow crash and the Tianjin explosion.
However, forecast ranges for Syndicates 557 and 308 in 2014 deteriorated slightly, driven by a reduction a reduction to expected premium and adverse claims experience in the quarter.
Charles Franks, chief executive officer of Tokio Marine Kiln Syndicates Limited, said: “I am pleased to report that these latest forecasts, which demonstrate our continued focus on adapting to the changing needs of customers is translating into profitable business.
“Against a backdrop of increased competition and pressure on rates, our focus on developing new products and enhancing our distribution by forming strategic partnerships is paying off.
“A recent example of this was in October when TMK signed a memorandum of understanding with the PICC to provide technical expertise to Chinese customers in the intellectual property insurance market.
“In these conditions, being part of one of the largest insurance groups in the world, Tokio Marine, affords us significant financial strength, scale and global distribution, which are crucial to maintaining a strong competitive position.”
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