Lloyd’s optimistic outlook for 2021 is catching, despite COVID-19 threat

21-07-2020

Lloyd’s optimistic outlook for 2021 is catching, despite COVID-19 threat

As the historic market grapples with its transformation to greater digital use and the wide-ranging impacts of the COVID-19 pandemic, its planned changes for business and capital in 2021 offer a degree of hope that is mirrored in the market’s apparent desire for £11 billion of new business. Intelligent Insurer reports.

“It’s not just about making money in 2021 and 2022, it’s about a return to sustainable long-term profitability for the marketplace.” John Neal, Lloyd’s CEO.

· Split in market performance spurs “real differentiation” in processes for the first time
· Changes to capital reviews as process become stricter for all, and faster for some
· Market indicates ambition for growth with request for £11 billion of new business
· Future at Lloyd’s sponsor sets out expectations for the second half of 2020

COVID-19 has not derailed Lloyd's efforts to reform and modernise the market, if anything it has helped strengthen its determination to get the job done.


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Intelligent Insurer