Response to the proposed Project Corkscrew, designed to reduce costs and claims deadlocks generated by the so-called "London market reinsurance spiral " - June
Alan Fleming, AIRMIC chairman at the time, commented: "AIRMIC welcomes this innovative move. Anything which helps to eliminate the spiral and to stabilise the market is to be encouraged and supported. We will watch the development of this proposal with interest."
Response to the news that Independent Insurance had ceased any new underwriting business following the discovery of 'unquantifiable losses from claims never entered into its accounting systems' - June
Immediate past chairman of AIRMIC, Alan Fleming, said: "Risk managers will be disappointed at this development. A strong, stable insurance market is a desirable ally for those trying to manage risks today, and we hope that the insurance market will emerge stronger and better equipped once it has weathered this latest storm.
"Plainly, risk managers will be examining more closely insurance-related elements such as the credit-rating of their insurance carriers, and conducting further research into alternative methods of managing the 21st century risks they face."
Response to reports of rising insurance premiums and the hardening market which risk managers will have to face this year - June
AIRMIC executive director, David Gamble, said: "Our members are facing severe problems from the hardening insurance market, exacerbated by insurers applying the more stringent disciplines of banking when assessing their return on capital.
"While AIRMIC fully understands the need for the insurance industry to make a satisfactory return, it feels the industry has been poor in communicating these fundamental changes in its approach. Many AIRMIC members will need to investigate alternative means for risk financing."
