The Panel reviewed several matters arising. The committee discussed the updated LMA Economic Limit Endorsement, raising concerns around the treatment of obsolescence, the proposed 18‑month closure period, and internal inconsistencies. A longer period and clearer drafting were suggested, with Steven and Stuart to meet separately to progress revisions.

Market issues focused heavily on valuation challenges, including significant undervaluation of major power assets in the Middle East and Latin America, inconsistent turbine pricing, and the need for insureds to revalue assets in line with inflation. Members also noted emerging client data‑sharing restrictions in Marine and Energy slips, ongoing alignment work on cyber clauses, and warranty developments that shift downstream damage responsibility back to buyers and insurers. Brazilian regulatory requirements were discussed, with updated LMA guidance to follow.

A wide range of claims updates were shared, including multiple turbine, transformer, geothermal and coal plant losses across the UK, US, Latin America, Israel and Asia, with several accounts showing deterioration. Issues included long lead times for parts, maintenance concerns, deductible interpretation, and multi‑year wording complications. The Renewables Energy Committee had met for the first time, with an update expected at the next meeting. Under AOB, members noted the committee effectiveness survey and agreed 2026 priorities, including finalising the Economic Limit Clause and arranging a valuations‑focused presentation