Marie Biggas, Head of Terrorism, Aviation, War and Space for Arch Insurance International, talks through the Terrorism Risk Appetite for 2021. The transcript is below.
We’ve grown our PV portfolio tenfold in the last seven years and are now sized so that it allows us to take additional risk. We’re accordingly quoting almost every account we see.
At Arch, we very much believe that there is a price and a line size for every risk, and this approach has seen as quoting business in territories where most of them have chosen not to. The reason we’ve managed to build a book to the size of this today is because we have a very experienced and capable team that’s been with Arch for a long time. A lot of the business we see is low and medium risk, and the priority here is service. We aim to turn around most business enquiries on the same day we received them and we’re often praised by brokers for a high level of service.
For more complex business, we take the time to speak to an analyst and get an in-depth understanding of the risk environment. We recently launched the SRCC consortium which was a response to the very hard market conditions we saw in Chile post the 2019 riots. To date, we’ve only used this consortium in Chile but we’re constantly looking out for new opportunities where lack of market capacity means that there’s a need for 100% line solution.
For the next couple of years, we will see volatility increasing, especially in terms of civil unrest, and following the effect that COVID has happened in the global economy.
If you’d like to get in touch to discuss terrorism, then please contact myself or any other member of the team using the contact details on the screen.