Insights

Lloyd’s 2024 Insights Report

Posted 17/04/2024 – Quick takes

Insurance Capital Market Research (ICMR) with support from the Lloyd’s Market Association (LMA) has published its Lloyd’s 2024 Insights Report. The report gives a view using various metrics across all syndicates such as growth, expenses, investments and class of business to give a holistic perspective of Lloyd’s 2023 result as compared with previous years.

 

Some of the main highlights are:

 

  • Lloyd’s pre-tax market profit of £10,663m in 2023 was its best ever result and in terms of return on capital, the best since 2007 at +25.3%
  • How Risk Adjusted Rate Changes and Foreign Exchange increases have compared against premium growth at Lloyd’s
  • How combined ratios have improved at Lloyd’s across the market cycle

Alpha comment

The report gives an excellent perspective of how Lloyd’s has improved its underwriting since the nadir of 2017 resulting in an outstanding profit for 2023. That said, Lloyd’s is consistently reminding the market to ensure that underwriting diligence remains to ensure sustainable results, a message which Alpha fully supports. Please find the full report here

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