Heron Tower London

EC2N 4AY  |  United Kingdom

London Market participants are assuming an average combined ratio of 97% for 2015

The only line anticipated to be flat in 2015 is aviation, albeit this varies by coverage. Even for aviation hull war, where many insurers were anticipating significant rate increases in 2015

exceeding 30%, overall rates are now expected to be flat following Q4 renewals

There is a significant softening anticipated across most other classes in 2015, in particular

property reinsurance and the energy classes (direct and reinsurance)

Fitch ratings remains negative in terms of its sector outlook for the London non-life insurance

and reinsurance market for 2015

London does not have a strong position in emerging markets, and its share of business in these markets declined in 2014 by more than 20%, from 3.2% in 2010 to 2.5% in 2013

References available upon request from












Level 14 Tower 1

Emaar Boulevard   | Dubai UAE

Significant growth in 2015 will be generated from health insurance which has become compulsory for all employees in Dubai in 2014

Barriers to expansion, including low penetration levels, a fragmented market and price competition, continue to hinder companies

Lloyd’s Dubai platform will be launched on the 11.03.2015 . At least eight Lloyd’s Managing Agents have signed up to participate on Lloyd’s Dubai platform including Amlin, Argo, Beazley, Liberty, Markel, Pembroke, Talbot and Watkins

The DIFC currently has 72 reinsurance entities and a stated aim of increasing this to around 100 by the end of 2015

The GWP of DIFC based reinsurers were estimated to reach US$1.2 billion at the end of 2014, a !20% increase over 2013, and are forecast to grow to $2 billion by 2020

References available upon request from







Espirito Santo

Espirito Santo Plaza Brickell Ave | Miami, FL

Coming soon...2015

A Prism FBM, Fitch Ratings risk-based capital model, is expected to be released in Latin America in early 2015

Having set a 2015 compliance date for a Solvency II-style capital requirement framework, Mexico’s legislation is the most advanced and is likely to be implemented ahead of the rest of the region

Peru and Uruguay have no immediate plans to pursue a Solvency II approach. They continue to attract foreign investment, but their relatively small market size is impeding regulation (8)

Argentina, with its high inflation, tight regulation and price competition, is unlikely to adopt a risk-based capital framework in the short term. In Argentina the political climate is of concern with elections on the horizon for 2015

Chile and Colombia are moving to a more sophisticated risk-based capital approach that better reflects current industry risks. In Chile insurers would benefit from a Pillar II approach that improves governance, decision-making and risk management, while in Colombia recent rules allowing foreign companies to establish branches and operate as local insurers are significantly changing the market

There are fewer than 15 Latin American reinsurance companies, of which only Reaseguradora Patria S.A. in Mexico and QBE del Istmo Re in Colombia have a comprehensive regional profile; the rest operate as captive reinsurers of their related insurance companies, focused on niche businesses and presenting a group profile risk

In January 2015 Chaucer opened their Miami office as a hub for the LatAm region (13)

References available upon request from