Context
The LMA has published a comprehensive new report, in collaboration with Oxbow Partners, titled The Growth of Enhanced Underwriting in the Lloyd’s Market: The New Normal?, exploring the digital and strategic evolution reshaping the insurance industry. It has also published an Executive Summary extract. Access to the full report requires the provision of an e-mail address and agreement to the LMA Privacy Notice.
Key points to note and next actions
Key findings from the report appear under five headings:
- Market consensus (the report takes in views from supporters and detractors alike).
- New models for a digital age (the report categorises Enhanced Underwriting into four distinct models that split into risk-by-risk underwriting).
- Growth trajectory (as Enhanced Underwriting evolves, it is anticipated by respondents to account for significant portions of Lloyd’s premiums).
- Industry impact and bifurcation (enhanced Underwriting is catalysing a structural shift in the market).
- Opportunities and risks (the report emphasises the potential for Enhanced Underwriting to improve market efficiency, reduce premium volatility and open access to