XL Group anticipates further pricing challenges in 2014

XL Group newly appointed UK chief underwriting officer property/casualty (P&C) Lewis Goodearl believes that pricing will continue to be a key challenge for insurers next year.

Goodearl’s appointment was announced last week. He joins XL from Liberty Mutual Insurance where he was vice-president and wholesale manager.

Speaking to StrategicRISK, he said: “The availability of capacity continues to challenge pricing, but insurers that differentiate themselves with niche products and great claims service, will win.

“If we take the construction industry for example, times are still tough so price is a key issue for these clients.

“The impact of the Jackson reforms [employers’ liability and public liability claims involving personal injury], although they largely came into force on 1 April 2013, will likely be felt in 2014.”

Goodearl will be joined by Ben Patrick, who will transfer to Lloyd’s London-based P&C team from his current position as underwriting manager, casualty middle market for Australia’s southern/western region.