- Global insurance spending likely to double in next decade driven by greater perception of risks such as banking failures and climate change, says Lloyd's of London CEO.
- Purchase and penetration of insurance going up at a rate likely to see insurance purchases double in the next decade, predicted Neal.
- Lloyd's sees growth in core insurance markets such as US property as well as faster-growing segments such as cyber and intellectual property cover.
- Premiums written across the market this year should hit about £56bn, up from almost £47bn in 2022, as prices rise for commercial insurance and reinsurance.
- Less than a tenth of Lloyd's almost £100bn investment portfolio is directly exposed to banks, with half in the US and a very small share for regional banks.
Lloyd’s of London boss says insurance spending set to double
Increase over next decade to be driven by greater perception of risks such as bank failures, says John Neal
Ian Smith
