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Chuks Udo Okonta
Lloyd’s reinsurance business has grown strongly in recent years, with a five-year compound average growth rate of 9 per cent.
According to AM Best report, in 2023, the market’s reinsurance premiums grew by 12.8 per cent, driven by material growth in property and specialty lines, and benefitting from a strong risk-adjusted rate change.
Nonetheless, casualty reinsurance has been the fastest growing line in Lloyd’s reinsurance business over the past five years, with a compound annual growth rate of 15 per cent, according to a new AM Best report.
Principal Takeaways:
*Excellent pricing conditions and improved reinsurance terms and conditions continued through January 2023, although moderating pressures are emerging.
*Remedial work undertaken by the market, along with performance oversight by the Corporation, have supported measurable improvements in underwriting discipline
*Lloyd’s continues to outperform peers in terms of loss experience; however, underwriting performance is subject to volatility due to its exposure to catastrophe risks and long-tail lines of business
