FCA Tells Lloyd's Brokers To Explain 'Hardening' Market

Law360, London (November 4, 2020, 12:35 PM GMT) -- Lloyd's of London brokers should explain to their customers why premiums are rising and cover is shrinking, the Financial Conduct Authority has warned insurance company bosses. 

The FCA said on Tuesday that it is aware of what it calls a hardening market in some lines of business — a cyclical period of high demand and limited supply.

A combination of low interest rates and a flood of additional business from the U.S. has driven price rises in the London insurance and reinsurance markets recently as clients increasingly seek to hedge risks. But insurers are reluctant to take on more business.

"We remind firms...

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