The Voice of Insurance Ep 125 Jonathan Turner CEO of Gallagher Specialty UK - Every insurer is talking about growth
Jun 24, 2022
Jonathan Turner, CEO of Gallagher Specialty UK, shares his extensive experience from underwriting to broking. He discusses the dual nature of the current insurance market—both hard and competitive—affected by recent consolidation. Jonathan highlights the importance of underwriter insights in brokerage, the need for technological and cultural change, and the evolving landscape in specialty sectors like cyber insurance. His straight-talking approach unveils the challenges and opportunities facing the industry today, emphasizing the importance of adaptability and diversity.
AI Snips
Chapters
Transcript
Episode notes
Market Is Patchy And Still Hard Overall
- The specialty market is patchy: some lines are very hard while others are becoming competitive again.
- Overall rates are still rising but not as rapidly as in 2021–early 2022.
Competition Follows Profits Into Primaries
- Insurers are aggressively chasing profitable excess layers and bleeding competition down into primaries.
- Many 2021 growth plans met a changed macro reality, making renewals unusually competitive.
Capital Is Rational Not Absent
- Capital isn't scarce; it's rational and follows return hurdles rather than flooding lines indiscriminately.
- The main vertical capacity squeeze remains cyber, though interest is returning.