The Worldwide Property Business Panel met on 5th March 2026, with Lloyd’s providing a market performance update focused on underwriting discipline, data quality, and evolving oversight strategy. Discussion highlighted growth in delegated authority and broker facilities, alongside challenges in monitoring performance and ensuring timely access to risk, premium, and claims data. While property business had contributed strongly to recent profits, concerns were raised about softening market conditions, rising acquisition costs, and increasing expense ratios.

Members noted limitations in rate indices and the impact of benign catastrophe experience on loss ratios. Broker facilities were identified as structural to the market but potentially driving higher costs and anti-selection risks, requiring improved oversight. Concerns were also raised about unauthorised amendments to standard LMA clauses and the lack of enforcement mechanisms.

Additional updates covered wordings developments, cyber exclusions, Brazil reinsurance changes, and data centre risk initiatives, with several ongoing actions agreed.