Contract certainty requires a change in behaviour.
“If you haven't started yet, you are probably already too late” was the chilling message from Dane Douetil, CEO of Brit Insurance to attendees at the Global Reinsurance contract certainty panel discussion in on 3 October in London.
The panel consisted of Douetil, Nick Prettejohn, CEO of Lloyd's and chairman of the Market Reform Group, Duncan Boyle, UK CEO of Royal & SunAlliance, Patrick Devine, partner of the regulatory group at Reynolds Porter Chamberlain, John Muir, senior partner of Willis and Mark Boucher, CEO of Endurance Worldwide Insurance. Television broadcaster Jeremy Vine chaired the event.
Prettejohn confirmed the Market Reform Group was about to publish the first three stages of a four-stage process. He said a basic “cultural change” was required and that “technology can support behaviour but it cannot change behaviour”. Boucher informed attendees that the market was ripe to be fixed and had got “too used to a certain way of doing business”. “The London market has an opportunity to lead the way here,” he said, “and other markets will have to follow.”