The committee approved the March minutes and received updates from Lloyd’s on business planning, capital submissions and market oversight activity. Discussion focused on planning and model loss ratio expectations, potential information requests on inflation, reserve benchmarking outputs and ongoing work on partial internal models. Lloyd’s also confirmed continued collaboration across functions and highlighted forthcoming changes to some market points of contact.

An update was provided on the PRA DyGIST exercise, with the live phase now complete and submissions due by 31 July. Lloyd’s outlined plans for a streamlined supplementary template and a proportionate approach to data requests, while members shared practical feedback and lessons learned from the exercise. The committee also discussed potential market-wide knowledge sharing on major event response practices following completion of the exercise.

Under AOB, members considered an industry initiative on climate risk integration in actuarial work, agreed to coordinate engagement to avoid duplication, and discussed clarification of recent rate adequacy messaging. Upcoming working group activity, including AI use cases and reserving in a softening market, was also noted.