- 2 days
'(The new Single European Patent) creates legal, technical and financial uncertainties which makes a compelling arg… https://t.co/eyJyFAlLle
Donald Toon, the director of the NCA's Prosperity Command, warned: "Organisations which don't take cyber security e… https://t.co/vN476UBKwS
- Exciting rating prospects for 2018
- Focused on supporting customers and paying valid claims promptly following third-quarter catastrophes
- Syndicates 510 and 557 have shown improvements on the 2015 year of account following a benign quarter, with both forecasting good profits
- Syndicate 510's forecast for the 2016 year of account reflects losses on the recent hurricane activity
- TMKS has applied for the cessation of Life Syndicate 308, which is subject to Lloyd’s consent
Tokio Marine Kiln Syndicates Limited (TMKS) today released updated forecasts for the 2015 and 2016 years of account for its three non-aligned syndicates.
Charles Franks, Chief Executive Officer of Tokio Marine Kiln, said: "The significant claims arising from Hurricanes Harvey, Irma and Maria are serving to demonstrate the true value of insurance. Our main priority is to support our customers who have been affected by these devastating catastrophes by handling claims promptly.
"The outlook for the rating environment is very exciting. For the first time in years, we are seeing prices showing marked increases as the market responds to the third quarter catastrophes. We are poised to seize appropriate opportunities as they arise, focusing on strategically important areas that play to our strengths and enable our customers to thrive, whilst maintaining underwriting discipline.
"Tokio Marine Kiln Syndicates Limited has applied for the cessation of its Life syndicate 308 to Lloyd's and the syndicate members. We are committed to ensuring existing business is serviced to the highest standards and that there will be no detriment to policyholders as a result of this action. No other syndicates or business lines, including Accident and Health business written through Syndicate 510, are affected by this decision. Further communications will be shared once these discussions have concluded."
The previous forecasts, which were announced in August 2017, have been rebased to the same exchange rates (US$1.34 and C$1.68). The forecasts set out below take into account all managing agency and Lloyd’s charges.
|2015 year of account forecasts
|2015 year of account forecast range %||Previous forecast range as at August 2017 %|
|510||1,063||7.7 to 12.7||7.2 to 12.2|
|557||35||26.3 to 31.3||23.0 to 28.0|
|308||32||-11.9 to -6.9||-9.7 to -4.7|
Syndicates 510 and 557 have shown improvement as a result of favourable claims development, primarily on the closed years following a benign quarter.
The forecast range for Life Syndicate 308 has decreased in the quarter as the syndicate has incurred several late claims across the book.
|2016 year of account forecasts
|2016 year of account forecast range %||Previous forecast range as at August 2017 %|
|510||1,062||-3.3 to 1.7||-1.4 to 3.6|
|557||35||10.0 to 15.0||9.1 to 14.1|
|308||32||-14.4 to -9.4||-0.9 to 4.1|
Syndicate 510's 2016 forecast range has decreased as a result of the recent hurricane activity in the US and Caribbean, primarily through its binder book. In contrast, the 2016 year of account on Syndicate 557 has had little exposure to catastrophes during the year and as a result, the syndicate remains on course to make a good profit with an improvement in the quarter.
Following an actuarial review, Life Syndicate 308's forecast range has deteriorated significantly in the quarter due to anticipated adverse claims experience.