ILC ARTICLE

Lloyd’s market reports £1.5bn underwriting profits

14th August 2023

Analysis by Insurance DataLab has found that the Lloyd’s market reported an underwriting profit of £1.5b in 2022, which represents a 29% increase on the previous year.

The increase, which comes despite a 41% fall in gross claims incurred, was driven by a 79% increase in marine, aviation and transport claims.

The research also revealed that third party liability remains the largest business line, accounting for 39% of the total market, with property insurance accounting for 34% of total market premiums.

Meanwhile, gross written premium (GWP) across all business lines increased from just under £25bn to £31bn.

Insurance DataLab co-founder Matt Scott said, “It is great to see the Lloyd’s market continuing to improve its underwriting profitability, as well as its overall premium base. The market will, however, continue to face the inflationary pressures that have seen gross claims incurred rise by some 41% over the last year, and we anticipate reinsurance continuing to be a vital tool in managing these increased costs as we move through 2023.”