Lloyd's has room to grow in reinsurance: Neal

Lloyd's can grow its reinsurance business to write almost a third of global premiums, according to Neal.

The head of reinsurance at Lloyd’s believes that the market could grow to account for 30% of global reinsurance premiums over the next five years.

Speaking at the Monte Carlo Rendez-vous, Neal said that Lloyd’s currently writes around 15% of global premiums, but that it has the potential to double its market share. He said that this growth could be driven by a number of factors, including the increasing demand for reinsurance from emerging markets, the growing use of insurance-linked securities (ILS), and the Lloyd’s market’s ability to innovate and adapt to the changing needs of clients.

Neal also said that Lloyd’s is well-positioned to take advantage of the opportunities in the reinsurance market. He said that the market has a strong track record of innovation, and that it is able to attract and retain top talent. He also said that Lloyd’s is well-capitalized, and that it has the financial strength to support its growth plans.

Neal’s comments come at a time when the reinsurance market is facing a number of challenges. The market has been impacted by a number of large catastrophe losses in recent years, and the Covid pandemic has also had a negative impact on the global economy. However, Neal said that he is confident that Lloyd’s can continue to grow its reinsurance business despite these challenges.

He said that Lloyd’s is focused on providing its clients with the products and services that they need, and that the market is committed to innovation and growth. He also said that Lloyd’s is well-positioned to take advantage of the opportunities in the reinsurance market, and that he is confident that the market can achieve its goal of writing 30% of global premiums over the next five years.