Lloyd’s results put it ‘in strong position’ to respond to COVID-19

Lloyd’s has returned to profitability and the market is in a strong position to respond to the impacts of COVID-19 and support its customers and business partners, Lloyd’s has said following the publication of its 2019 annual results.

The Lloyd’s 2019 annual report states that the Lloyd’s combined ratio for 2019 was 102.1 percent, compared to 104.5 percent in 2018. Gross written premiums were £35.9 billion, as compared to £35.5 billion in 2018, and its aggregated market profit was £2.5 billion, compared to a 2018 loss of £1 billion.

John Neal, Lloyd’s CEO, said: “While we are pleased to be announcing Lloyd’s return to profitability in 2019 and continued progress across our priorities, our primary focus right now is on supporting our customers and business partners in their time of need. I am confident in Lloyd’s ability to meet the challenges before it, and in doing so demonstrate the market’s unrivalled ability to support people, businesses and countries around the world in response to the far-reaching impacts of COVID-19.

“As we focus on supporting our business partners and customers during this time, it has also never been more important to accelerate progress on our ambition to create the most advanced insurance marketplace through the Future at Lloyd’s. We have sharpened our focus for 2020, prioritising initiatives that will ensure around 80 percent of Lloyd’s business is digitally supported, together with fast-tracking claims processing improvements and building the foundational data and technology infrastructure to support Lloyd’s future ecosystem.”

Bruce Carnegie-Brown, Lloyd’s chairman, added: “The beginning of 2020 has proved exceptionally difficult as COVID-19 spreads rapidly around the world with devastating consequences for families, communities and the global economy. Now more than ever, our customers need us to be ready to support them through these challenging times.

“At Lloyd’s, we are laying the foundations to do this more effectively. By focusing on performance management, modernising the market and creating a market culture that will attract the best and brightest talent, we are making the market more resilient, more successful and better placed to meet our customers’ needs.”