For 2020, we saw a continuing trend of slowing premium transaction growth in the Lloyd’s Market but a contrasting significant increase in the company market. This can be attributed to the Brexit effect, and significant new company market-only entrants. Underlying both markets is an improved rating environment which is driving growth in particular classes.
Lloyd’s claims volumes tracked upward but reflected the slower growth seen for premiums. Central settlement values continue to grow, with a substantial upward increase in value for the company market linked to increased volume of premium transactions. Writeback volumes have shown year-on-year increases as more customers invest in new claims technology that allows integration across multiple re/insurance platforms.
Across all systems and services, there have been increases in data transferred and documents lodged and shared. The message traffic has increased in two areas: Company market expansion, and the solution for Lloyd’s in Europe that automatically creates reinsuring transactions.
The perception is that the market is not data driven; however, these volumes suggest otherwise and indicate strongly that the market is ready to move to full digitisation in the next few years.