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Insured losses for the global (re)insurance industry in 2017, 2018 & 2019 have forced carriers to undertake major business reviews and cut-back under-performing business lines.
Lloyd’s started this process earlier than its peers, with the Performance Management Directorate implementing fundamental remediation plans starting in 2018.
A new Executive team at Lloyd’s has also introduced processes to improve the efficiency, efficacy and profitability of Lloyd’s, as well as safeguard its reputation as the world’s leading specialist market.
Premium rates are rising and the prospects for third-party capital returns continue to improve.
Investors are currently able to take advantage of two developments at Lloyd’s:
2019 saw major insured losses due to a hurricane in the US and two typhoons in Japan. This followed natural catastrophe losses in 2017 and 2018, which combined to make them the two most costly consecutive years for insured losses on record. Such concerted loss activity has driven a fundamental re-rating across many of the specialist classes of insurance and reinsurance written by the Lloyd’s market, as well as reducing the amount of capital chasing returns in the global (re)insurance industry. The ultimate impact of the COVID-19 is impossible to forecast at this stage, but the amount of capital destruction experienced within the financial markets will inevitably force global insurers to face the future with reduced capital bases and the need to deliver far greater returns on their remaining capital.
The new executive team undertook a strategic review to ensure that Lloyd’s could meet the future demands of the marketplace in a rapidly evolving world. A number of workstreams have been created and are now developing processes to improve the efficiency, efficacy and profitability of Lloyd’s. The focus, by the Performance Management Directive, upon higher underwriting standards is at the heart of The Future at Lloyd’s, as well as cost efficiencies, flexibility and innovation. Ultimately Lloyd’s is striving to deliver more consistent profitability across the market.
For more than 300 years, Lloyd’s position as the world’s leading (re)insurance market has relied upon its collective risk-sharing expertise and the development of new and innovative products. This has not changed.
As global (re)insurance pricing recovers and additional capital discipline is brought to bear, the opportunities for third party capital to invest profitably at Lloyd’s are increasing.