What market is most associated with individual underwriting of risks?

The market most associated with individual underwriting of risks is Lloyd's of London. Lloyd's operates as a unique marketplace known for its distinct approach to risk assessment and insurance. Within this environment, underwriters evaluate and price risks on a case-by-case basis, allowing for highly tailored insurance solutions that cater to specific client needs.

This individual underwriting process at Lloyd's differentiates it from broader insurance markets where underwriting may be more standardized or based on generalized criteria. Lloyd's has a long-standing reputation for insuring complex and unusual risks, which requires thorough individual evaluation and assessment.

While reinsurance markets and global insurance markets may also involve underwriting, they typically deal with a larger portfolio of risks and use aggregated data for decision-making. Mutual insurers generally have a more member-focused approach and might not provide the same level of individualized risk assessment as Lloyd's. Thus, the individual underwriting characteristic is distinctly aligned with the Lloyd’s model.