The transformative potential of artificial intelligence (AI) continues to capture the imagination of the Lloyd’s market.

The LMA is pleased to share a new report, LMA Survey on AI Risk Management, which presents findings from our latest survey of chief actuaries and chief risk officers across the market, produced with the support of Barnett Waddingham and the LMA Risk Next Generation Committee.

This follow-up survey assesses the maturity and breadth of AI frameworks within the Lloyd’s market, with a particular focus on the governance processes in place to manage risks associated with AI adoption.

The report draws on 39 survey responses, representing over 60% of market stamp capacity, alongside 11 in-depth interviews. It builds on our previous study, which explored levels of AI and machine learning adoption, as well as the key barriers and concerns affecting progress.

A key finding is the significant progress made over the past year in the development of AI governance frameworks. Encouragingly, 93% of respondents report that a framework is either already in place or in development, positioning firms to adopt AI in a controlled and responsible manner.

AI use cases continue to expand across functions, with a marked increase in adoption since the previous survey. At the start of 2025, only 25% of respondents reported using AI within their organisations. One year on, the majority are now actively adopting these technologies. Despite this progress, the market remains at an early stage in its AI adoption journey, with considerable scope for more advanced and transformative applications in the years ahead.

The previous survey, distributed to chief risk officers and chief actuaries, found that AI and machine learning adoption was still in its infancy, with concerns centred on regulatory oversight and the absence of robust governance frameworks. Further detail is available in the report Artificial intelligence and machine learning in actuarial and risk, published in May 2025.