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Market Magazine Summer Edition 2013 INSIDE: BRIGHT LIGHTS, BIG CITIES p10 325 YEARS OF LLOYD’s Insert ROBERT HISCOX ON REGULATION p19 STAYING AHEAD OF THE NEXT SUPERSTORM p24 FOOD SECURITY: FOOD FOR THOUGHT p30 SUMMER 2013 WWW.lloyds.com 01_LMM4_Cover_des5.indd 1 19/06/2013 12:43 03 In 1984, we launched a successful mission to salvage two rogue satellites, sending a SUMMER 2013 www.lloyds.com shuttle and five astronauts into orbit Features Regulars COVER STORY: MEGACITIES By 2025, it is predicted that 13.6% of the world’s urban population will live in ‘megacities’, most of them 325 YEARS OF LLOYD’s Insert 05 INTRODUCTION in emerging markets. And with megacities come mega We welcome you to Market magazine risks. So, what are the implications for insurers? and tee up this issue’s top stories 18 MAKING AN IMPACT 24 THE CALM BEFORE THE STORM When a meteor strike over Russia At least five intense hurricanes are caused $30m in damage, it gave the anticipated in 2013. And, with more insurance industry pause for thought people living on the coast in high-value centres, the cost could be catastrophic. INTERVIEW WITH… We explore what insurers can do to ROBERT HISCOX mitigate the impact of a perfect storm We talk to the retired chairman about the perils of heavy-handed regulation and 29 WHEN THE LIGHTS GO OUT the biggest item in his art collection What happens when blackouts – caused by electricity shortfalls, solar storms or natural catastrophes – become a 06 feature of the future? FORESIGHT News from around the market, including 30 FOOD FOR THOUGHT SUMMER 2013 www.lloyds.com the technological innovations helping With the world population due to hit nine to de-risk the groundbreaking The Coldest billion by 2050, food security presents a Journey, plus Lloyd’s brand new report on huge global challenge – and insurers have a role to play in innovating new products Published on behalf of Lloyd’s (www.lloyds.com) the key threats faced by corporates by Sunday (www.sundaypublishing.com) 22 INFOGRAPHIC If you would like to contribute to the next issue, Wreck removal is getting more costly – please email [email protected] Market reveals some extraordinary stats COVER ILLUSTRATION BY JAMES JOYCE 34 THE GREAT PEARL ROBBERY Care has been taken to ensure accuracy of information, but neither Edwardian London was the setting for Lloyd’s nor the publishers can accept responsibility for omissions or errors. Lloyd’s is regulated by the Financial Conduct Authority and the the audacious theft of a string of pearls Prudential Regulation Authority. © Lloyd’s 2013. PLUS: 325 YEARS OF LLOYD’S OF LONDON 35 MARKET UPDATE From City of London Coffee House to global hub for specialist insurance and reinsurance, Upcoming events, movers in the Lloyd’s we bring you ten moments that ensured the market’s reputation as a pioneer on the world market and international contacts stage – from the San Francisco earthquake to the first cover for space satellites 02_LMM4_Opener_des3.indd 1 19/06/2013 14:50 03_LMM4_Contents_des9.indd 1 19/06/2013 12:49 05 “One of For 325 years, Lloyd’s has been a pioneer on the world stage. We’ve dealt in the biggest the most complex, unusual and extreme risks, been a powerful agent for change and an enabler of the global economy. threats is In this anniversary issue of Market, we celebrate that extraordinary history competition with ten moments that made us the world’s centre for specialist insurance and from China. reinsurance (see insert) – from Cuthbert Heath’s unconventional new covers to They can kicking off the ambitious Vision 2025 programme. underwrite, Key to our vision is pursuing profitable growth in underinsured, emerging free of the sort economies – not least because, in a little over a decade, they will be home to of regulation eight of the world’s top ten megacities. On p10, we look at the rapid and unorganic rise of these densely populated, infrastructure-intensive conurbations, we have, and the megarisks they’re most vulnerable to. with strong We also talk to outspoken legend Robert Hiscox about why the industry government should be allowed to self-regulate (p19). And, with severe hurricane activity support” predicted for 2013, we explore the makings of a perfect storm, plus what ROBERT HISCOX insurers can do to mitigate their exposure (p24). Finally, we get to grips with a massive emerging risk issue – global food security (p30) – and investigate the audacious theft of a string of pearls in 1913 (p34). We hope you find this issue interesting – and if you haven’t already done so, sign up to receive Market magazine or enewsletter at lloyds.com/marketmagazine @LloydsofLondon www.facebook.com/lloyds www.lloyds.com 05_LMM4_Intro_des5.indd 1 19/06/2013 12:50 07 WORDS BY HELEN YATES ILLUSTRATIONS BY TANG YAU HOONG ForesightINSIGHTS FROM THE WORLD OF LLOYD’S. BY THE MARKET, FOR THE MARKET to persuade ourselves it would not and all the jointing for the two modified Caterpillar D6N vehicles was done in silicone – another world first. “There was also concern that regular diesel fuel would freeze, so we had to have the engines adapted to use aviation fuel. “And we had to demonstrate we had a depth of contingency in our planning – and that the expertise in our Ice Team ASIA was deep and well-founded enough that they could take a hit and still be able to continue the expedition. None of us would have wanted to see that contingency invoked so early into the mission, but it had to be. WARRANTY AND INDEMNITY business environments and “We required insurance as a INSURANCE CAN BE AN EFFECTIVE processes can create concern contingent asset against two types WAY To ‘DE-RISK’ oUTBOUND about the risk management of peril. First, we might need to invoke MERGERS AND ACQUISITIONS of an international M&A deal. search and rescue costs, bearing in Japanese outbound mergers and This is often managed through mind the hazardous nature of this acquisitions (M&A) activity has consideration, post-completion expedition. Secondly, if for any increased steadily, in both deal adjustments, deal warranties, volume and value, over the past escrow funds or other forms of ANTARCTICA reason there was a mishap to our kit or machinery, we had to be able three years. As indicators point guarantee. However, these don’t to remove it and clean it all up. to reduced domestic demand, always provide reassurance that “In recent times there has not been, many companies, aided by a a deal can be completed within to my knowledge, anything that strong yen, have attempted acceptable risk tolerance. contemplates an expedition of this to derive greater revenue and Warranty and indemnity (W&I) size and scale. It has been contingent profit from overseas. insurance is a way to ‘de-risk’ the AS SIR RANULPH FIENNEs’ TEAM CONTINUES “We spent five years researching everything THE JOURNEY IN NUMBERS on all of the pieces coming together: Many expect this trend to transaction. It is increasingly ITS PIONEERING EXPEDITION, WE LOOK AT we would need, starting with specialised -89.2˚C: Antarctica boasts the getting the ship; finding the right, continue, leading to levels of used to identify and transfer THE INNOVATIONS HELPING TO MITIGATE THE equipment for Sir Ranulph Fiennes and lowest recorded temperature qualified team; finding sponsors to outbound M&A activity at or risks to insurers, thereby giving RISK, AND THE ROLE INSURANCE HAS PLAYED members of the Ice Team to wear, given anywhere on the planet help us buy kit and equipment; and beyond the highs of the 1990s. reassurance and assisting the Billed as The Coldest Journey, Sir Ranulph we were anticipating temperatures down -33˚C: Temperature when absolutely core to it is the insurance. In 2012, Japanese outbound smooth completion of the deal. Fiennes and his team of five explorers set to -90˚C. Lung tissue seizes up at around Sir Fiennes developed frostbite “This is the market at its best. It does M&A deals reached $110.5bn, The new W&I product license off this March to conquer Antarctica in -45˚C. We had to demonstrate – with the after taking off his outer gloves these things really well. The programme according to Dealogic, second obtained by Lloyd’s Japan winter. Unfortunately, Fiennes had to help of the Ministry of Defence in their Six months: How long the is led at Lloyd’s and without a top only to the US with $165.4bn. allows Lloyd’s underwriters to pull out after developing frostbite, but testing areas – that specially designed 2,000-mile crossing will take, broker and London lead, the ability to One of these, Japanese telecom bring modern and competitive the rest of the Ice Team has continued clothing and masks could recycle the mostly in complete darkness attract the co-insurance just wouldn’t and internet firm SoftBank’s M&A insurance to Japan. Two the arduous 2,000-mile trip. moisture in your breath back into your Five years: Time spent have happened. They did a stellar job.” proposed takeover of US leading underwriting teams, The Coldest Journey Chairman, body so the very dry cold air wouldn’t preparing for the expedition wireless company Sprint Nextel, Beazley and Pembroke, offer Tony Medniuk, describes some of the freeze-dry your lungs as you were breathing. £6.6m: How much the FOR MORE INFORMATION for $21.6bn, will be the country’s significant capacity, experience technological innovations necessary for “The effect of welding in such a cold, expedition hopes to raise for Visit The Coldest Journey site largest ever overseas deal.
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