The panel welcomed Elaine Perry from Lloyd’s for a presentation on market planning and cycle management. Key themes included claims trends, exposure comparisons and the introduction of new risk codes. Broker facilities and underwriting discipline were highlighted as areas of concern. The LMA Legal Committee is developing a TOBA clause to address broker remuneration. Updates were shared on the SMB topic and US market engagement, including visits from WSIA and ELANY. The panel discussed the AI underwriting survey and agreed to refine its scope and consider external input. Wordings updates were approved, including revisions to cyber, contingency and terrorism clauses. Property class panels reported on wildfire claims, renewable energy risks and regulatory developments.