Season’s greetings: predictions and new year’s resolutions

Times are gloomy but it is important to remember what the festive season is all about.


Only joking, obviously it’s all about wishlists and new year’s resolutions. So what will risk managers and insurance buyers be hoping for? For those that compile a list for Santa, it will be the same as always: a soft market, broad coverage, contract certainty and a pay rise.

As for new year’s resolutions, we at GRM suggest:

  1. Eat less
  2. Drink less
  3. Exercise more
  4. Ensure that you have a fully compliant, cost-effective, fully integrated multinational insurance programme.

And as in previous years, GRM would like to offer its predictions for the coming years (any resemblance to previous predictions is entirely likely):

  1. Preparations for Solvency III/IV and V will begin.
  2. In the light of growing ransomware cases, ongoing pandemic, supply chain issues and climate change, insurance will be subject to a total exclusion.
  3. An M&A frenzy will leave just one broker in the world (Mega Broker), one insurer (InsureCorp) and eight million MGAs/insurtechs.
  4. A social media trillionaire will launch the first off-world captive domicile into space (with PCC legislation obviously).
  5. The Bermuda market will rename itself ‘The London Market’ and then relocate to New York.
  6. Regulatory oversight will be stepped up to the point that it will be a criminal offence to actually accept insurance or reinsurance business.
  7. Analysts will report that the market in terms of rates will harden, then soften, then harden but at a softer rate, and then sort of hover about unsure, before softly hardening and finally plumping for a mid-range firmness.
  8. In the light of ongoing Covid and ‘work from home’ recommendations, the battle to decide the global financial centre of the future between New York, London, Paris, Munich, Zurich and Singapore, will be won by your spare bedroom.
  9. The top risks for leaders in the c-suite will be D&O, the lack of D&O, and D&O in captives.
  10. Insurtechs will take over the insurance industry, replacing archaic insurance language and industry jargon with technology-speak and industry buzzwords. Long lunches in the City will be replaced by WhatsApp group chats, and three-day conferences in the Caribbean will now take place on Discord.

Season’s greetings and a very happy new year.

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