Market beckons, but hesitance in some jurisdictions persists

A thriving run-off market for the year ahead is still getting mixed signals from developed and emerging economies, a report from GILC has revealed.

Despite overwhelming worldwide interest in the run-off market there are still jurisdictions around the globe where transactions are approached with extreme caution or do not yet occur. In emerging economies, no-one wants to be the pilot episode and in developed economies factors such as Brexit and the COVID-19 pandemic have compelled a review of contract and policy wordings.

This was one of the main points from an interview with Chris Fletcher, partner at UK law firm BLM, and Dominik Skrobala, partner at Swiss law firm gbf, titled “Run-off market set to thrive in 2021”. The interview took place on Intelligent Insurer’s Re/insurance Lounge, an online platform where interviews and panel discussions are available on demand.

Fletcher and Skrobala were sharing insights from Global Insurance Law Connect’s (GILC) first run-off report, looking into the drivers of legacy business in both mature and emerging insurance markets.