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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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Lloyds, capital, future, COVID-19,, Neal, performance, pandemic, syndicates, profitability, growth, catastrophe, sustainable, ambition, underwriting
