Political Risk Report 2019
Total Page:16
File Type:pdf, Size:1020Kb
Return to contents POLITICAL RISK REPORT 2019 In association with Reinsurance insuranceinsider.com Security Research RANKINGS SERIES 2019 SRIS 2019 Ever wondered… Find the answers in Who are the best? The Insurance Insider Rankings How do you rate? series – the independent assessment of underwriters Where can your and brokers. team improve? Key product features: c Ranking of the best-rated c Attribute analysis providing underwriters and brokers a view of top-rated individuals’ c Ranking of underwriting firms scores across different traits and broking houses c Comprehensive discussion c Individual profile views for top- and analysis of results ranked underwriters and brokers c Sample analysis c Segmentation of the overall results to identify voting trends within different cohorts of respondents The full collection US PROPERTY POLITICAL POLITICAL CYBER REPORT D O REPORT CAT REPORT RISK REPORT VIOLENCE 2019 2019 2019 2019 REPORT 2019 insuranceinsider.com insuranceinsider.com insuranceinsider.com insuranceinsider.com insuranceinsider.com Rankings report 2019 Publication date US Property Cat April 2019 Political Risk July 2019 Political Violence August 2019* Cyber September 2019* D&O December 2019* *Anticipated publication date POLITICAL RISK 2019 02 INTRODUCTION Foreword Dear friend, Welcome to The Insurance Insider’s Political c The podium for brokers has remained Risk Rankings report 2019 – a FREE taste pretty much unchanged since the of the highly valuable and statistically survey started three years ago . significant work our superb research team Additionally, BPL Global’s and Lockton’s has been getting involved in . teams now account for more than half of The Insurance Insider has always prided all nominations given by underwriters . itself on its unparalleled direct contact with c Except for Tokio Marine HCC’s Jerome the marketplace, but our exploration of the Swinscoe, the podium for underwriters data science of rankings has taken this to has shown different faces over the last a new level . Now that we are in our third three years – this matched the changes year, the data is getting richer and more to the list of companies making it to valuable . the top . This powerful work not only identifies c ‘Creativity’ continues to be the attribute the best and the brightest; it also explains with the lowest average score for both in granular detail why they are at the top of brokers and underwriters, but the gap their respective trees . between this characteristic and other broking and underwriting skills has In short, this report will tell you: been narrowing since the survey started . c Who the best political risk professionals in the London market are and why . Now who wouldn’t want to know all that? c How and where your team could and The information this report provides is should improve in order to keep ahead also highly granular . This means you can of competitors . see which underwriters play better to c Who you should be doing more longer-serving brokers versus shorter- business with . serving ones, as well as bigger versus smaller ones . The report also looks at some It’s as valuable for brokers aggregate trends. Here are some as it is for underwriters . of the things we found this year: However you want to c Broker talent continues to be slice it is up to you . The concentrated among fewer firms amid insights it will bring are a growing underwriting marketplace . for you to define and to Our survey now identifies four benefit from . underwriting firms for every broking I hope you enjoy house ranked . the read . Contents How does it work? . 04 Attribute rating analysis . 33 Sample analysis . .06 Rising stars . 39 Lead article . 08 Segmented underwriter rankings . 40 Overall rankings . 10 Segmented broker rankings . 48 Industry analysis . 19 Top 20 underwriter profiles . 55 Company rankings . 21 Top 20 broker profiles . 70 Concentration analysis . 31 Notes and people changes . 87 POLITICAL RISK 2019 03 Return to contents METHODOLOGY How does it work? The survey ‘Rising stars’ were defined as those The Insurance Insider Political Risk c A total of 555 professionals – 280 with three years’ experience or less in Rankings 2019 is the latest of an annual underwriters and 275 brokers – the London political risk space . survey of talent in this specific class of were individually invited to vote business . The survey ran from 20 March in 2019 Ranking results to 3 May 2019, concurrently with our c The number of validated The ranking of underwriters and Political Violence survey, although both nominations stood at 495, brokers is calculated using a scoring are completely independent from each a 7 .8 percent increase with method known as Borda count, other . respect to last year which assigns three points to any In both cases, the surveys were c A total of 96 brokers and 85 respondent’s top choice, two points conducted for the third year running underwriters were nominated to the second position and one to the and ranked – out of the 555 and undertaken by The Insurance third place . professionals on our screened Insider’s research team as part of the This method provides consistent database Rankings series . This covers a range of weighting to each vote while c As such, the talent assessed by classes of business including Cyber, US the survey covers the top third of accounting for voters’ order of Property Cat and D&O . the distribution preference, hence providing the best representation of market preferences . Respondents and nominees Borda count is used extensively in The survey is addressed exclusively to c Based on nominations received other popular ranking awards such as brokers and underwriters operating in by their staff, a total of 41 the NBA’s Most Valuable Player political risk in the London market . underwriting firms and 11 Award and the Eurovision Song As with the rest of The Insurance broking houses were identified Contest . Insider’s Rankings series, this is a two- in the 2019 survey way survey by which underwriters c This compared with 36 Attribute rating nominate the best brokers and brokers underwriting companies and 14 and testimonials nominate the best underwriters . broking houses the previous year When nominating the top three A total of 555 professionals – 280 professionals, respondents are asked underwriters and 275 brokers – were survey . This compared with 36 to mark them on specifically defined individually invited to vote in 2019 . underwriting companies and 14 attributes . The number of validated broking houses the previous year . These qualities define the best nominations stood at 495, a 7 .8 percent The survey also allowed participants underwriting and broking practices . increase on last year . to vote for the best ‘rising star’ in There are six attributes defining the A total of 96 underwriters and 85 political risk in the previous year (again best underwriting standards and eight brokers were nominated and ranked with brokers electing underwriters and for the best broking practices, against out of the 555 professionals on our underwriters choosing brokers) . which nominees are rated . screened database . As such, the talent assessed by the survey covers the top Attributes of underwriters: third of the distribution . c Knowledge/experience: Deep technical and regulatory knowledge of the Nominations and scoring risk . Can provide on-the-spot advice and guidance . c Negotiating skills: Effective negotiator across a variety of contexts, can The survey is individual-based so come up with solutions that leave both sides feeling they have not lost . respondents only nominate and score c Fast response/work ethic: Praised for his/her availability, fast response . A the best professionals, not companies . ‘no stone unturned’ philosophy . However, individual results are c Communication skills: Good at explaining their reasoning/decision . aggregated to also derive company c Creativity: Ability to improvise and go outside of the usual to meet client rankings . Based on nominations needs . received by their staff, a total of 41 c Consistency: In step with the market . A consistent behaviour or treatment underwriting firms and 11 broking of risks and relationships . houses were identified in the 2019 POLITICAL RISK 2019 04 Return to contents METHODOLOGY Generating survey target list Respondents are also invited to provide a statement with Filtering of The Insurance their main consideration behind each of their designations . Insider contact database + identification of relevant Response validation companies and data integrity Complete confidentiality is offered to all participants, Research data about allowing for honest and trustworthy scores and testimonials . professionals using Surveys are mainly conducted online but the data companies’ websites collection process is complemented with phone calls to ensure the required levels of participation . Time and IP tracking is combined with analyst validation of Validate each individual all individual records to ensure data integrity . entry using LinkedIn Participation and statistical significance A screened list of potential respondents is used to track and Check for similar monitor participation rates throughout the survey . profiles on LinkedIn Minimum levels of participation are set so as to achieve a maximum error margin of 10% of overall scores at a 95% confidence level . This means that the final sample size is sufficiently large so Are all as to ensure that ranking scores remain unchallenged if the relevant contacts No survey were to be run repeatedly