The drive for contract certainty has been described by the
press and the Market Reform Group as, broadly, a success.
Although there are some reports of difficulties in finalising
contracts, it seems that around 80 per cent of contracts were
'certain' for the 2007 renewal season. A
contract certainty code of practice is now in place. Alongside
this, the drive towards electronic placement and, following
that, electronic review of claims can be seen as part of a
wider initiative to bring more certainty and efficiency into
the business process.
Despite these leaps forward, however, it would be dangerous
to consider the work on (re)insurance contracts complete.
Contract certainty, as evidenced by the Market Reform
Group's definition, is about getting the contracts
ready prior to inception. It does not focus on the quality of
those contracts. With markets softening, underwriters are
increasingly under
