Lloyd’s and London Market CEO Agenda 2025: Leading through uncertainty
October 24, 2024
2023 was the best performing in sixteen years for Lloyd’s and the London Market. Gross written premium reached £52bn and market combined ratio dropped to 84%.
However, there is an emerging consensus that the current hard market might be approaching an end, although the current CAT season may change that, even if there are different opinions about how it will evolve. The high profitability of 2023 creates an opportunity to reinvest profits into making the business resilient against a range of future market scenarios.
Over the next 12 months we believe that CEOs have the opportunity to gain advantage from advancing six transformation topics.
- Navigate market bifurcation
- Set out a strategy for Delegated Authority / MGAs
- Increase portfolio resilience
- Embrace the evolution from datasets to insights (and Gen AI)
- Build the talent pool for the future
- Achieve an efficient cost base and embed transformation discipline
Many of these topics have been discussed in corporate boardrooms over the last few years. However, we think that greater strategic focus is required, not least because the market environment could soon become more challenging.
About the author
Greg Brown is a Partner at Oxbow Partners. He leads engagements on digital, operational, and technology strategy and transformation. He spends most of his time in the Lloyd’s and London Market and European retail insurance. Graduating with a degree in Engineering and Computer Science, Greg has a strong technical background which allows him to give his clients confidence in the feasibility of their strategic choices. CEOs often rely on Greg to look through the hype and advise them on the relevance of technical trends. Topics where Greg’s range of experience comes together include digitisation in the London Market and the impact of Lloyd’s Blueprint 2, strategic choices available to syndicates around the bifurcation of lead/follow, and using technology as a vehicle to drive underwriting transformation. Greg is a regular commentator on transformation and digital topics, and often speaks at industry events.
