UK-based broker Jardine Lloyd Thompson (JLT) has described the insurance market over recent months as “challenging” and “competitive”.

In its interim management statement for the period July 1 to November 7, JLT says that while organic growth in developing markets such as Latin America and Asia is strong, “the insurance rating environment remains weak across most sectors with the international markets continuing to be particularly competitive”.

But the broker says that following the recent run of catastrophe losses, “the London market and more specifically the Lloyd’s market appears to be less receptive to further rate reductions”.

CEO Dominic Burke says that the company is continuing to trade in line with expectations.

“JLT continues to make good progress,” he said. “While there is some caution about the wider economic environment, we remain confident about the future prospects for the group.”