London, 25 June 2026: On 28 June 2026, the Lloyd’s Market Association (LMA) marks its 25th anniversary as a leading voice in the London specialty insurance market. It has been a period defined by rapid global change, market transformation and increasingly complex risk.  

Founded in 2001 as part of the merger of the marine, non-marine, aviation and members’ associations, some of whom had existed since the early 1900s, today’s LMA has played a central role in helping the Lloyd’s market respond to major global events. From the aftermath of 9/11 to the rise of cyber risk to the COVID-19 pandemic and ongoing geopolitical volatility, the LMA has shaped market standards, designed model wordings, influenced legislation and created best practices that underpin international specialty insurance. 

The LMA is renowned for its technical expertise and has published many world-leading model clauses over the course of the last 205 years, including Terrorism Risk Insurance Act (TRIA) wordings post 9/11, clauses addressing silent cyber risk and cyber warfare, the first communicable disease clause at the height of COVID and our industry-leading sanctions clauses.     

The association has also been a key driver of operational and technological advancement across the Lloyd’s market. From the Lloyd’s Wording Repository in 2007 and the GEMINI claims expert management system in 2018, to the first Core Data Record (CDR) in 2021 and to our more recent work on artificial intelligence. The LMA has encouraged and guided members to evolve at the ever-growing pace of modern technology and global digitalisation.  

The LMA Academy is recognised as the home of technical training for the Lloyd’s marketplace. The LMA’s training programmes are available to the newest market employees to the most experienced non-executive directors. The LMA has also led the way on thought leadership, with reports published on both lead and follow roles, underwriting the transition, and more recently guidance on broker payments. 

Helping to support an evolution of the market’s culture has also been an LMA priority. The LMA launched the acclaimed inaugural Underwriting Talent Summit in 2025, which shone a spotlight on the declining pipeline of female underwriting leaders within the Lloyd’s market.  

Since its inception, the LMA has been guided by a series of influential leaders, with three CEOs: Simon Sperryn (2001), David Gittings (2006) and Sheila Cameron (2019), alongside five chairs: Stephen Catlin (2001), Paul Jardine (2007), Rupert Atkin (2012), Neil Maidment (2015), Andrew Brooks (2019) and Sean McGovern (2026). Through their leadership, each has helped to successfully deliver the evolving priorities of the Lloyd’s market. 

Sheila Cameron, CEO at the LMA, said: “Over the last quarter century, the LMA has evolved alongside the Lloyd’s market in an ever-changing and riskier world. 

“Throughout technological disruption, geopolitical uncertainty and a global pandemic, our role has not changed – to be a voice that supports our members and our market in the global insurance ecosystem and facilitates market growth, efficiency and development.

“As I look back, I credit those who have enabled the LMA to become the leading market voice it is today and looking ahead, I see the demands on and need for the association continuing to develop at an accelerating pace. We aim to ensure our members and the market remain resilient, relevant and ready for the future, whether that is responding to digitalisation and AI, market cycles or shifting global risk dynamics. 

“Without our members dedicating their time and expertise, we simply could not achieve what we do. Their support, engagement and willingness to collaborate have been invaluable over the last 25 years. We are also grateful to Lloyd’s, whose collaboration and shared commitment to making the market a better place has helped drive positive change across the market. 

“As we enter our next chapter, we will continue to support members, influence key market developments and help grow the Lloyd’s market’s position as the home for global risk.” 

To mark the anniversary, the association has created a timeline of its most significant milestones, available here on the LMA website. 

ENDS 

Notes to Editors 

Media relations contacts 
 
LMA: 
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com 

Omnia Partners: 
Victoria Sisson, Director | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com 

About the Lloyd’s Market Association 

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA. 

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com. 

New initiative from LMA, IUA and LIIBA addresses operational payment delays and supports continued availability of specialist survey services

London, 24 June 2026: The Lloyd’s Market Association (LMA), International Underwriting Association (IUA) and London & International Insurance Brokers’ Association (LIIBA) have today announced the launch of a new cross-market Fee Payment Enablement Scheme, designed to improve the speed and efficiency of payments to third-party surveyors and experts across the London market for pre-risk services.

Developed as a joint market initiative, the scheme addresses long-standing challenges in the settlement of expert fees. The scheme aims to:

• expedite the payment of surveyor and expert fees and clear back-year invoices; 
• reduce administrative friction in obtaining underwriting share data;  
• support the continued viability of expert survey services.  

The scheme has been introduced in response to persistent operational delays in the payment of surveyor invoices, in part driven by fee collection agents being unable to access detailed information about individual underwriters’ shares on complex placements. These delays have created operational and financial pressures for surveyors, with implications for the continued provision of specialist expertise to the market.

To address this, the LMA established and led a cross-market working group, with engagement from Velonetic and supported by the IUA and LIIBA, to enable the controlled release of underwriting information to authorised fee collection agents, where submissions contain incomplete or incorrect data. This allows agents to validate and resubmit payment requests more efficiently, helping to reduce outstanding balances and accelerate settlement timelines.

The scheme is underpinned by contractual and process changes to the existing service agreement with Velonetic, enabling them to share key data for the purpose of facilitating expert fee payments. It also clarifies the roles and responsibilities across the process.

The initiative was successfully piloted in Q1 2026 with the LMA and IUA Joint Specie Committee and LIIBA’s Fine Art and Specie Committee. Participating collectors reported significant benefits – including one collector achieving a 75% reduction in outstanding invoice value – alongside improved consistency across fee payment submissions. The scheme also enables the resubmission of previously rejected submissions relating to aged invoices.

Joe Brace, Operations Director at the LMA, said: “This initiative demonstrates what can be achieved through genuine cross-market collaboration. By addressing the underlying data and process challenges that have historically slowed payments, we are helping to improve certainty for surveyors and ensure the London market continues to benefit from their expertise as a valued part of our complex ecosystem.”

Shazia Rennison, Committee Secretary of the Joint Specie Committee, added: “The pilot with the Joint Specie Committee has shown clear, measurable benefits, with faster settlement of fees and reduced administrative friction. This scheme provides a practical, scalable solution that supports both market efficiency and the resilience of critical third-party services.”

Kim Darrington, Director of Market Operations and Transformation at the IUA, said: “One of the great strengths of the London market is its depth of expertise provided by a wide selection of specialist insurance support services, but in order for this complex ecosystem to work efficiently, communication is vital. This new initiative will remove administration burdens and improve IUA members’ engagement with surveyors and other experts across our industry.”

The scheme is intended to be rolled out more widely across other markets where similar challenges exist, supporting a more consistent and efficient approach to the payment of expert fees.

Full details on the scheme are available here.

Update from Sheila Cameron, CEO at the Lloyd’s Market Association and Neil Roberts, Head of Marine and Aviation at the Lloyd’s Market Association

18 June 2026: “The LMA welcomes the Memorandum of Understanding (MoU) between Iran and the United States that has been reported today. While we wait for the details, there are certain practical steps that we believe are necessary before the vessels that have been stranded in the Gulf for the last 110 days can resume transiting the Strait of Hormuz. Further clarifications will also be necessary with respect to longer-running issues impacting shipping, such as the extent to which the US, UK and EU will be lifting sanctions and designations with respect to Iran.

The first step is the importance of cooperation between Iran, US and other states such as Oman on navigational safety and the prioritisation of vessel passage.

The second is verified mine clearance and ongoing surveillance. The threat of mines remains a significant barrier to the resumption of trade in the region. Ongoing monitoring of the seaways is required to provide reassurance and confidence to shipowners and their crew, particularly when it comes to vessels who are considering re-entering the Gulf in the future.

The third is clarity of provision of emergency services support in the event of a vessel or crew requiring rescue whilst in Iranian territorial waters. In order to return to the ‘shipping as usual’ state, ordinary salvage and maritime services, including for incoming vessels, should be readily available.

Fourth, vessels will need to be fully restored to a seaworthy state prior to transiting the Strait, including GPS services, and there are reports of issues, such as stores, fuel and bottom scraping, from vessels as a result of being at anchor for such an extended period.

Fifth, there needs to be a full reopening of the port infrastructure system, including pilotage, berthing and bunkering, to enable the safe loading and discharge of cargos.

And finally, clarity around sanctions, terrorism legislation and toll payments. There must be clear advice and consistency of approach from the UK, EU and US on the extent to which sanctions and designations of Iranian entities have been amended. The MoU refers to shipments of Iranian oil and that there will be no toll payments. However, a greater level of detail will be required before insurers and insureds can be clear as to what trade can safely take place. 

The main requirement for recovery is stability and certainty for shipowners and insurers. The road to recovery in the Gulf will be a long and complicated one. It will take months for some sort of normality to return to international shipping with vessels in the wrong place and supply chains distorted, much in the same way that after a public transport strike it always takes time for complicated, detailed timetables to return to normal.

The London insurance market remains open, as it has been over the last 110 days, and is committed to helping clients navigate this complex environment. The LMA will continue to support and represent the views of the market through this period.

Ends 

Media relations contacts

LMA:

Carole Porter, Head of Marketing and Communications

+44 20 3307 3947 | carole.porter@lmalloyds.com

Omnia Partners:

Will White, Partner

+44 777 155 247 | will.white@weareomniapartners.com

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.

However, climate change brings more unpredictable and faster-developing storms each year

London, 15 June 2026: The Lloyd’s Market Association (LMA) hosted a storm season event led by McKenzie Intelligence Services (MIS) last week to mark the start of the official hurricane season for North America in 2026.

The LMA briefing, with presentations from meteorologist Tomasz Schafernaker and McKenzie Intelligence Services, highlighted that 2026 has an unusually high chance of seeing lower than normal hurricane activity.

The National Oceanic and Atmospheric Administration (NOAA), a US government body, predicts the outlook at 55% probability of below-normal activity with just a 10% chance of a higher-than-normal season.

This is a rare prediction. Since 1995, there have been 22 hurricane seasons with above-normal activity, including ten “hyper-active” seasons, showing how unusual this outlook is.

The NOAA’s expectation for this year is as follows:

• 8-14 named storms
• 3-7 hurricanes
• 1-3 major hurricanes (category 3 excess 111mph – category 5 157mph sustained)

One of the keys to likely activity is warm sea surface temperatures (SST). For example, in 2020, the most active year on record, there were 30 named storms, 13 hurricanes and six major hurricanes – all driven by very warm sea surface temperatures.

However, while SST in Atlantic are currently very warm, the developing El Nino conditions are likely to counteract this and point to this season being less active. Some uncertainty remains in the predictions, largely influenced by the difficulty of predicting the El Nino effect. With high sea surface temperatures, El Nino needs to be strong to counteract the effect, although it is showing signs of strengthening.

NOAA considers all available prediction models when publishing its assessment, including the published 2026 seasonal hurricane forecasting by Colorado State University (CSU).

We can’t be complacent

Janine Powell, Claims Director, Lloyd’s Market Association, commented: “It only takes one major hurricane to make landfall have devastating effects. Even a below-normal season can produce one life-changing storm, causing billions in economic damage and upending communities and livelihoods. Think back to 1992’s Hurricane Andrew. This enormous storm occurred in a season predicted to be below normal and Andrew was the most damaging storm to hit the US in decades.”

The impact of climate change

“The pattern that has emerged in more recent years is that of storms forming later and then developing into major hurricanes more quickly. This change of pace means communities have less time to prepare or evacuate and the storms cause greater devastation when they hit. For example, Hurricane Melissa in 2025 rapidly intensified to a devasting category 5 storm in just 39 hours, with catastrophic consequences for Jamaica and preliminary estimates putting the economic loss of the damage at US$6-7bn (GBP4.5-5.2bn).”

Better data is making extreme weather forecasting more accurate

Forecasting storms is difficult but advancements in meteorological models like Google DeepMind’s WeatherNext 2 are now making long-range forecasting more accurate. These models help give people more time to prepare for major storms by combining data streams in a new way, for example, bringing together wind data, sea temperature data and high-altitude weather patterns, to create real understanding of how these interact to create weather patterns.

Janine Powell added: “Insurers can (and many do) use the wealth of data they have from past events to create actionable insights to help educate people to take steps to keep themselves, homes and businesses as safe as possible. As a market, we have prepared as best we can to respond to our (re)insureds in the face of significant weather pattern changes. Over the last few years, we’ve invested in technology solutions to speed up our response to claims, helping us put money in the hands of customers when they need it the most.”

The nature and degree of damage resulting from natural catastrophes like hurricanes and wildfires can increasingly be reliably mapped by technology solutions like McKenzie Intelligence Services’ Global Events Observer (GEO) product. When these are overlaid with risk level data and augmented with ground source intelligence, it provides a reasonably accurate assessment of the damage zones.

Tomasz Schafernaker, Meteorologist and BBC Weather Presenter, commented: “Predicting hurricane activity in any season is always a challenge. Even during a quiet season, there is always the risk of a powerful hurricane, particularly towards the end of the season and closer to land. While the Atlantic may see a quieter season, the ongoing El Niño is already contributing to a higher-than-normal tropical cyclone risk along the Pacific coast of North and Central America in 2026.”

ENDS

Notes to Editors

The above is provided for information purposes only and does not constitute advice, recommendations or predictions; individuals should obtain their own independent advice before taking any action.

Media relations contacts

LMA:
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com

Omnia Partners:
Victoria Sisson, Director | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com

Notes

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.

Practical guidance to help managing agents embed controls, manage risk and scale AI adoption responsibly

London, 23 April 2026: : The Lloyd’s Market Association (LMA), in collaboration with Barnett Waddingham, has today launched a new AI Adoption Toolkit to support managing agents in developing and strengthening governance frameworks for artificial intelligence (AI) across the Lloyd’s market.

The launch follows recent LMA research highlighting accelerated growth in AI adoption across the market and an increasing focus on governance and risk management, with the guidance reflecting a growing need across the market for more structured approaches to AI governance as adoption accelerates.

The toolkit provides practical, principles-based guidance to help firms move from early-stage experimentation towards more structured, governance-led adoption, as AI use cases continue to expand.

Developed in response to increasing AI adoption and evolving risk considerations, the toolkit is designed to support firms at different stages of their AI journey, offering a flexible framework that can be adapted to varying organisational structures, risk appetites and regulatory environments.

A practical framework for responsible AI adoption

The AI Adoption Toolkit is built around five core principles:

• Governance and accountability
• Risk tiering
• Data protection, security and intellectual property
• Training and awareness
• Pragmatic adoption

Together, these principles provide a structured approach to managing AI risk while enabling firms to realise the benefits of emerging technologies.

Embedding controls early and scaling AI adoption responsibly

The guidance encourages firms to begin with lower-risk use cases, embed appropriate controls from the outset and scale adoption gradually as governance frameworks mature.

It also highlights the importance of maintaining human oversight, aligning internal policies with evolving regulatory expectations, and ensuring that AI deployment is supported by effective training and clear accountability structures.

Supporting the market as AI adoption evolves

The launch of the toolkit reflects the LMA’s continued focus on supporting the Lloyd’s market in navigating the opportunities and challenges presented by AI.

As firms move beyond experimentation and towards more widespread use, the need for practical, governance-led guidance is becoming increasingly important.

Sanjiv Sharma, Head of Actuarial and Exposure Management at the Lloyd’s Market Association, said: “As AI adoption continues to develop across the Lloyd’s market, the focus is increasingly shifting towards how it is implemented and governed in practice.

The toolkit is designed to provide practical guidance to help firms embed appropriate controls early, manage risk effectively and scale adoption in a structured way.”

Wan Heah, Partner and Head of General Insurance at Barnett Waddingham, added: “We have seen significant progress made by LMA members in terms of developing their AI frameworks and governance over the past 18 months.

We hope that market participants find the toolkit useful as they set the foundation for their AI journey, allowing them to reap the benefits of AI in a controlled manner.”

Notes to editors

• The AI Adoption Toolkit has been developed by the LMA in collaboration with Barnett Waddingham.
• It builds on insights from recent LMA research into AI risk management across the Lloyd’s market.
• The toolkit is designed to support managing agents at different stages of AI adoption.

All LMA guidance documents, including the AI Adoption Toolkit, are purely illustrative and aimed at Lloyd’s managing agents, brokers, and other market participants. The practices referred to in such documents may not be applicable or correct in all circumstances and should not be regarded as definitive. Practitioners may reach different conclusions according to the specific circumstances of a risk, and it is for them to decide whether any practice referred to in a guidance document is appropriate or acceptable. The LMA does not protect its intellectual property rights over guidance documents, and neither the LMA nor any party involved in their preparation accepts any liability arising from reliance on them.

Media relations contacts 
 
LMA: 
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com 

Omnia Partners: 
Will White, Partner | +44 777 1555247 | Email: will.white@weareomniapartners.com

About the Lloyd’s Market Association 

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA. 

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com. 

• Cost gaps between different legal markets globally widen sharply as injury severity increases.
• High-severity claims show the greatest volatility and tail risk.
• Interest regimes can materially inflate long-running claim outcomes.

London, 22 April 2026: The Lloyd’s Market Association has today published new analysis from the LMA International Bodily Injury Index. The index covers 96 jurisdictions in scope, with year-on-year analysis based on jurisdictions where data is available in both years for the same scenario.

With a second year of data now available, the Index is beginning to reveal clearer patterns in severity, volatility and cost drivers across jurisdictions, helping insurers sharpen underwriting assumptions, reserving approaches and claims strategies.

The Index is a three-year strategic project developed by the LMA’s International Liability Business Panel to support analysis of bodily injury awards trends across 96 jurisdictions worldwide (excluding the USA). In addition, the Index provides state-level data for Australia and provincial data for Canada.

Key trends from two years of data include:

High severity outcomes are concentrated in a small number of jurisdictions
The Index continues to show that the most expensive outcomes sit in a limited group of locations, particularly for life-changing injuries such as paralysis, serious brain injury and total loss of sight. This includes jurisdictions such as Canada and Australia, where lifetime care assumptions and earnings-related losses materially increase claim values.

For example, paralysis scenarios reach very high levels in the province of Ontario and the state of New South Wales compared with many European jurisdictions, highlighting how a small number of locations can disproportionately drive portfolio severity.

Minor injury costs are relatively stable in many European jurisdictions, with notable outliers
Across several European jurisdictions, minor and superficial injuries remain comparatively contained and show modest year-on-year movement. For example, England and Wales increased by 4% from £2,924 to £3,051 for the minor injury scenario, a level broadly consistent with a number of EU jurisdictions where minor injury awards remain relatively stable and tightly bounded.

However, the Index also shows clear outliers even for low severity claims. Hungary’s minor injury estimate rises from HUF1.5 million or EUR3.9k to HUF2.5 million (EUR6.5k), creating a materially different cost profile versus neighbouring jurisdictions. Similar divergence can be seen outside Europe. For example, New South Wales shows higher minor injury outcomes than many European markets, reflecting broader approaches to damages even at the lower end of severity.

The gap widens sharply as severity increases
Jurisdictional divergence becomes far more pronounced for severe injuries that involve lifetime care, long-term loss of earnings or permanent disability. For example, the amputation below the knee scenario shows multi-million outcomes in New South Wales and Ontario that are significantly higher than many European jurisdictions. This pattern accelerates further for moderate brain injury and paralysis, where lifetime care assumptions and earnings multipliers drive the majority of cost.

Volatility is most visible in severe injury categories
Across multiple jurisdictions, year-on-year movement is substantially larger at the catastrophic end. This has practical consequences. For example, in a jurisdiction such as Australia, a portfolio which appears manageable on minor and moderate injury claims, can become materially loss-making if it is exposed to a small number of paralysis or serious brain injury claims, given the scale of lifetime care awards.

Interest can be a major cost escalator, with wide variation in both rate and start point
The Index highlights that interest is not a technical footnote; in some jurisdictions it can materially change ultimate cost, particularly where claims take a long time to settle or where proceedings are prolonged. Examples include:

• Argentina, where interest is stated as the active rate of Banco Nación, shown at very high levels in both years, including figures of 97% in the prior view and over 40% in the updated view, still a significant tail cost driver in delayed settlements.
• Spain, where penalty interest can apply if insurers fail to pay within set timeframes, including an example of 20% per annum after two years in certain circumstances.
• Jurisdictions that apply no interest on compensation (or effectively zero) creating a clear contrast in tail exposure.

For insurers, this reinforces the importance of timely claims handling, particularly in jurisdictions where interest can materially increase ultimate cost. It also underlines the need for careful reserving for interest and cost where claims take longer to settle.

What this means for insurers

The emerging trends have direct operational implications, including:

• Pricing and attachment points: higher severity jurisdictions may require different pricing adequacy tests, tighter policy limits or adjusted reinsurance structures.
• Reserving and capital allocation: volatility at the severe end increases uncertainty in ultimate loss cost, which can drive higher risk margins and more frequent assumption refreshes.
• Claims strategy: timely claims handling and early engagement are important in all jurisdictions. Where interest or penalty interest can materially increase ultimate cost, proactive case management and appropriate use of local counsel can help support fair and efficient resolution.

David Fitzpatrick, Chair of the LMA’s International Liability Business Panel and Executive Underwriter at Ascot, said:“Now that we have two years of data, we can see more clearly where bodily injury exposure is concentrated, where outcomes are stable and where they are moving quickly. The Index underlines the importance of jurisdiction-specific understanding, particularly for high severity claims where differences in approach to care, earnings and interest can transform the ultimate cost.”

Chris Mather, Secretary of the LMA’s International Liability Business Panel and Senior Executive, Technical Underwriting at the Lloyd’s Market Association, added:“For insurers, the value of the Index is practical. It supports sharper underwriting assumptions and more resilient reserving, and it helps claims teams understand where local factors, including interest and severe injury awards, can materially influence ultimate outcomes and timeliness. This can support timely, well-informed decision making and fair resolution for claimants.

The LMA International Bodily Injury Index, collated by DAC Beachcroft, provides a consistent view of bodily injury claims outcomes across jurisdictions. More data is expected this year, helping us see deeper trend analysis as coverage continues to expand.and reliability that people depend on.” 

Notes to Editors 

Media relations contacts 
 
LMA: 
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com 

Omnia Partners: 
Will White, Partner | +44 777 1555247 | Email: will.white@weareomniapartners.com

About the Lloyd’s Market Association 

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA. 

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com. 

Africa remains the largest source of claims, while Europe sees the highest total payouts 

London, 20 April 2026: The Lloyd’s Market Association, International Underwriting Association and London & International Insurance Brokers’ Association today published the results of their annual survey of global trade credit insurance claims, conducted by A2Z Risk Services. 

The survey shows that: 

• A total of 136 claims were payable in 2025, down from 185 in 2024. However, the aggregate value of claims rose to US$438.5 million, an increase of almost US$38 million year-on-year.  

• Only three claims, representing just over 2% by number and around 3% by value, were paid after the contractual deadline, due to payment processing issues rather than disputes over coverage. In addition, a small number of claims were affected by ongoing sanctions-related clarifications, with insurers working to meet their regulatory obligations where required. 

• Africa remained the largest source of claims by volume, accounting for 63% of all claims. However, Europe accounted for the highest proportion of claims by value, representing more than a third of total amounts paid. The Americas accounted for 13% of claims, while Asia represented 7%. 

• The public sector continued to see more claims than the private sector, with 65% of claims coming from the public sector. However, with higher average claim values in the private sector, the total amounts paid were significantly higher: 67% to the private sector and 33% to the public sector. 

David Powell, Head of Technical Underwriting at the Lloyd’s Market Association, said: “Trade credit insurance remains a vital enabler of global trade. While the number of claims fell in 2025, the increase in overall claim values underlines the importance of robust underwriting and long-term capacity to support complex transactions. 

“The data also demonstrates the continued reliability of the market. Even where payments are delayed due to operational or regulatory complexity, insurers are working to ensure that valid claims are ultimately settled.” 

Joe Shaw, Director of Claims at the International Underwriting Association, said: “Trade credit insurance supports economic growth by enabling exporters and lenders to extend credit with confidence and to access financing on better terms. The survey results once again show that the London market delivers dependable outcomes for policyholders across a wide range of geographies and sectors.” 

Jacqueline Girow, Executive Director at the London & International Insurance Brokers’ Association, said: “For brokers and their clients, these findings reinforce the value of trade credit insurance as a practical risk management tool in an uncertain trading environment. While exposures are becoming larger and more complex, the survey shows that the market continues to respond consistently when claims arise, providing the certainty and reliability that people depend on.” 

Notes to Editors 

Media relations contacts 
 
LMA: 
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com 

IUA: 
Scott Farley, Director of Communications | +44 020 7617 4449 | Email: scott.farley@iua.co.uk 

Omnia Partners: 
Victoria Sisson, Director | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com 

Notes 

The above release is not a recommendation to buy comprehensive non-payment insurance. Clients should seek advice on their specific requirements from an appropriate intermediary.  

About the Lloyd’s Market Association 

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA. 

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com. 

About the IUA 

The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies. 

About LIIBA 

The London & International Insurance Brokers’ Association represents the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets. 

AI adoption more than doubles across the Lloyd’s market in 12 months, with 93% of survey respondents building governance frameworks

The Lloyd’s market is moving from early-stage AI experimentation to more structured, governance-led adoption

London, 16 April 2026: The Lloyd’s Market Association (LMA), in collaboration with Barnett Waddingham and the LMA Risk Next Generation Committee, has today published new findings from its latest market survey on artificial intelligence (AI) risk management.

Based on 39 responses from firms representing over 60% of Lloyd’s market stamp capacity, the findings reveal a significant shift in the market over the past 12 months, with AI adoption moving from limited experimentation to more widespread early-stage deployment.

In 2025, around 50% of firms reported limited or no AI implementation. Twelve months on, AI is now used across much of the market, with 93% of firms who responded having, or developing, formal AI frameworks to support adoption.

This reflects a clear transition from cautious exploration towards more structured and governed adoption, with firms prioritising oversight, accountability and risk management ahead of large-scale deployment.

Key findings from the survey include:

• 93% of respondents have, or are developing, an AI framework, with 72% already in place and 21% in development.
• All interviewees emphasised the importance of human ownership of outputs, with over 60% explicitly mandating human oversight of AI-generated outputs.
• 44% assign AI governance to the Chief Technology Officer, while 33% have established dedicated AI governance committees.
• Data privacy, cybersecurity and third-party risk are now the leading concerns across the respondents.
• Talent and skills gaps were identified as a key challenge, with firms highlighting the need to build internal expertise to support effective AI adoption.

AI adoption accelerates sharply year-on-year

The survey highlights a clear step change in adoption across the Lloyd’s market.

In 2025, AI and machine learning adoption was described as in its infancy, with around 25% of survey respondents reporting the use of AI.  A year on, there has been steady progress across a number of functions such as underwriting, operations and compliance.

This growth is primarily driven by generative AI applications, such as ChatGPT or Microsoft Copilot, and internal productivity use cases, including summarisation, reporting and data processing. Despite this acceleration, these applications remain largely focused on efficiency gains, with limited deployment in core underwriting, pricing and claims decision making.

Governance frameworks become a clear priority

A defining shift over the past year is the rapid development of governance frameworks across the market.

Last year’s findings highlighted concerns around regulatory uncertainty and the absence of robust AI frameworks. In contrast, the 2026 survey highlights that governance is now firmly established as a priority, with the vast majority of responding firms implementing or developing structured frameworks.

Firms are embedding policies, oversight structures and controls ahead of scaled deployment, reflecting a more deliberate and risk-aware approach to AI adoption.

Human oversight also remains central to decision making, with over 60% of firms explicitly requiring mandatory review of AI-generated outputs, ensuring that AI is used to enhance, rather than replace, expert judgement.

While progress has been made, accountability and regulatory integration remain areas of ongoing development in the market.

Data risk moves to the top of the agenda

Despite progress in AI adoption and governance, the findings also show a clear shift in how firms perceive AI-related risks.

In 2025, data security and privacy were not consistently ranked among the top priorities. Comparatively, in 2026, data privacy, cybersecurity and third-party risk have now emerged as some of the most prominent concerns across the market.

This reflects growing awareness of the risks associated with scaling AI, particularly around data handling, third-party dependencies and system security. Around one in four firms still rely on general third-party risk management frameworks, rather than AI-specific provisions.

Concerns around data quality, bias and the reliability of AI outputs remain ongoing, highlighting the need for continued investment in validation, testing and assurance as use cases evolve.

Sanjiv Sharma, Head of Actuarial and Exposure Management at the Lloyd’s Market Association, said: “AI adoption across the Lloyd’s market has accelerated quickly over the past 12 months, but what’s encouraging is that governance is being built alongside it, rather than after the fact, with over 93% of those surveyed having a framework in place or being developed. What the survey clearly highlights is that the market is still early in its journey, but the foundations for responsible adoption are clearly being put in place.

There is no clear consensus across the market on where responsibility for AI governance should sit, with firms adopting a range of approaches across technology, risk and compliance functions.”

Wan Heah, Partner and Head of General Insurance at Barnett Waddingham, added: “The market is moving past experimentation and towards a more disciplined use of AI, with governance, data protection and validation now firmly in focus. The real test is ensuring these frameworks keep pace as AI applications become more complex.

There is no single blueprint for AI governance. Firms need to strike a careful balance between risk and opportunity and put in place practical, robust risk management strategies to support responsible adoption.”

Notes to editors

The 2026 survey builds on the LMA’s 2025 discussion paper, Artificial Intelligence and the Lloyd’s Actuary: A Snapshot of Opportunity and Risk which found that around 50% of survey respondents had limited or no AI implementation, reflecting the early stage of adoption at that time.

This survey is based on 39 survey responses, representing over 60% of Lloyd’s market stamp capacity, supported by 11 in-depth interviews with senior market practitioners.

ENDS

Media relations contacts

LMA:

Carole Porter, Head of Marketing and Communications

+44 20 3307 3947 | carole.porter@lmalloyds.com

Omnia Partners:

Will White, Partner

+44 777 155 247 | will.white@weareomniapartners.com

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.

London, 15 April 2026: The Lloyd’s Market Association (LMA) has today published new guidance for managing agents on PS25/21: Simplifying the insurance rules, supporting firms in applying the Financial Conduct Authority’s (FCA) more proportionate regulatory approach to commercial and wholesale insurance business.

The guidance is designed specifically for Lloyd’s managing agents and highlights key updates to the FCA rulebook arising from PS25/21, including how firms can take advantage of greater flexibility within product governance, oversight and review requirements, while continuing to deliver good outcomes for customers.

PS25/21 represents the FCA’s first policy statement aimed at unwinding some of the regulatory burden that followed the pricing practices market study, where rules designed for retail products were applied across all general insurance business. The LMA guidance explains how managing agents can use the revised framework to focus conduct risk resources where they are most needed.

Key areas covered in the guidance include:

• Proportionality based on customer type and size, including application of a new SME watershed aligned with Financial Ombudsman eligibility.
• Wider use of the bespoke exemption, enabling tailored and open market business for smaller business customers and individuals to sit outside product governance requirements where appropriate.
• Greater flexibility around accountability, including the ability for a lead underwriter to assume sole responsibility for manufacturer obligations on subscription and binder business.
• A more risk-based approach to product review frequency, removing the default annual review requirement.

Commenting on the guidance, John Levett, Head of Regulatory Affairs at the LMA, said: “PS25/21 is a first step towards a more proportionate regulatory regime for the London market. This guidance has been drafted in collaboration with managing agents and shared with the FCA for comment before publication. Applying these changes should reduce the regulatory burden for the majority of our members. We thank the FCA for all the hard work it has done so far.

“There are still changes needed to better support our market and deliver on the international competitiveness and growth objective. Trading in 200 territories, all with their own rules and regulators, is highly complex and can lead to differences between UK and local rules. We will therefore continue to lobby the FCA on developing a regulatory framework appropriate for international business being written in the Lloyd’s market.”

The guidance also includes practical commentary, worked examples and decision trees to help firms assess the application of the rules in areas such as bespoke business, specialist risks and group policies.

ENDS

Media relations contacts

LMA:

Carole Porter, Head of Marketing and Communications

+44 20 3307 3947 | carole.porter@lmalloyds.com

Omnia Partners:

Victoria Sisson, Partner

+44 794 129 4872 | victoria.sisson@weareomniapartners.com

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.

London, 14 April 2026: The Lloyd’s Market Association (LMA) and Insurance Capital Markets Research (ICMR) have released the Lloyd’s 2026 Insights Report, to which LMA members have digital access. The report provides a detailed analysis of Lloyd’s and syndicates’ 31/12/2025 year-end results.

The report reveals that, with individual syndicates delivering strong results, Lloyd’s remains well positioned as a compelling proposition to investors. The market has seen an increasing number of new entrants and a growth in risk capital deployed through London Bridge II.

Key findings from the report include:

Strong performance continues across the market
Managing agents delivered a full‑year result in 2025 of profit before tax of £10.6bn (+10.1%) and a combined ratio of 87.6% (2024: 86.9%). Underwriting and investment returns have further strengthened the market’s balance sheet, with total capital reaching £49.8bn (+5.7%) and the central solvency coverage ratio at 496%. The underlying combined ratio rose to 81.8% (2024: 79.1%), reflecting disciplined underwriting alongside a modest increase in expense and attritional loss ratios, while prior‑year reserve releases provided a 1.7% benefit to the combined ratio. This result represents the third consecutive year where return on capital has exceeded 20%.

Entering the next phase of the cycle from a position of strength
While signs of price softening are evident in some classes, the 2025 results confirm that Lloyd’s enters this next phase with strong capitalisation. However, the LMA view is that for Lloyd’s to successfully navigate the next phase of the cycle, three things are necessary: maintaining disciplined underwriting, new entrants which are additive to the market and reduced friction in capital deployment.

Investment returns remain a powerful contributor to total performance
Higher interest rates enhanced investment returns in 2025 to £6.0bn (2024: £4.9bn). Investment results contributed meaningfully to overall profitability and reinforce Lloyd’s attractiveness as a diversified investment proposition with low correlation to traditional asset classes.

A compelling relative value proposition for investors
In 2025, Lloyd’s continued to demonstrate its attractiveness relative to other investment options, delivering strong returns, comparable levels of volatility and low correlation to mainstream asset classes, while outperforming benchmarks such as catastrophe bond indices and providing diversification benefits not readily available elsewhere in global capital markets.

The full report, available to LMA members, offers a deeper understanding of the drivers and trends underlying Lloyd’s performance for managing and members’ agents, brokers and investors. It highlights that Lloyd’s is still seen as an attractive place to invest, as demonstrated by the increasing confidence of investors in placing capital at Lloyd’s.

Paul Davenport, Finance & Risk Director at the LMA, said: “2025 was another strong year for the Lloyd’s market. In the past year, Lloyd’s has upheld its position as an attractive option for investors, buoyed by disciplined underwriting and a focus on rate adequacy across the market. 2025 is the third consecutive year with average returns on capital exceeding 20%.”

Markus Gesmann, Co-Founder of ICMR, added: “Ultimately, Lloyd’s remains one of the financial industry’s ‘hidden secrets’ and a vital contributor to the UK economy. By providing this level of data-driven transparency through our publications and indices, ICMR aims to demystify the market and make Lloyd’s performance more accessible to the global investment community.”

For more information or to discuss the results of individual syndicates, please contact the Lloyd’s Market Association.  

ENDS

Media relations contacts

LMA:

Carole Porter, Head of Marketing and Communications

+44 20 3307 3947 | carole.porter@lmalloyds.com

Omnia Partners:

Will White, Partner

+44 777 155 247 | will.white@weareomniapartners.com

About the Lloyd’s Market Association

The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.

We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.

About ICMR

Insurance Capital Markets Research (ICMR) provides independent, quantitative research and valuation services for the global specialty (re)insurance market, with a particular focus on the Lloyd’s of London market (Lloyd’s).

We believe that the Lloyd’s market offers a unique, uncorrelated asset class for investors, but it has historically lacked the transparency required for sophisticated capital allocation.

We exist to fix that. By cleaning, standardising, and modelling granular underwriting data, we provide insight into the “Alpha” that investors seek and the benchmarking that carriers need.

ICMR was established in early 2020 and launched the RISX equity index in 2021. We are an associate member of the Lloyd’s Market Association. For more information visit: https://insurancecapitalmarkets.com