The Panel received an update from Lloyd’s on performance management, with strong emphasis on maintaining underwriting discipline. Lloyd’s noted that IPI remains comparatively well‑positioned but warned that price adequacy, evidence‑based pricing, and close monitoring of plan divergence will be critical in 2025. Rising insolvencies, geopolitical uncertainty, and coverage creep—particularly in construction and D&C—were highlighted as emerging pressures. Delegated authority oversight continues to tighten, with scrutiny on MGA relationships, open‑market XOL structures, and governance.

Portfolio performance trends showed historic volatility in E&O, with Lloyd’s stressing that pre‑2016 divergence must not recur. Claims experience pointed to challenges in construction, large professional firms, and A&E, alongside concerns around reporting delays and weak adherence to claims protocols. Market dynamics included growing coverholder influence, new entrants, and talent pressures, while discussions on RITC and LPTs focused on reserving prudency and reputational risk. Lloyd’s also flagged cyber coverage creep and AI‑related exposures as areas requiring disciplined underwriting and clear frameworks.

The Non‑Marine Committee provided updates on the forthcoming Oxbow “Role of the Lead” presentation, new Brazilian reinsurance clauses, and the pending LMA AI survey. Members were reminded to complete the committee effectiveness survey. Under Legal & Emerging Trends, new RICS AI governance requirements were discussed, along with developments from the Building Safety Regulator. No further business was raised.