{"id":1555,"date":"2023-08-08T04:28:00","date_gmt":"2023-08-08T04:28:00","guid":{"rendered":"https:\/\/www.insurancedatalab.com\/?p=1555"},"modified":"2023-08-06T21:29:57","modified_gmt":"2023-08-06T21:29:57","slug":"lloyds-underwriting-profits-on-the-rise-despite-jump-in-claims","status":"publish","type":"post","link":"https:\/\/www.insurancedatalab.com\/2023\/08\/08\/lloyds-underwriting-profits-on-the-rise-despite-jump-in-claims\/","title":{"rendered":"Lloyd\u2019s Underwriting Profits on the Rise Despite Jump in Claims"},"content":{"rendered":"\n
The Lloyd\u2019s market reported an underwriting profit of more than \u00a31.5bn for 2022, a 29% increase on the previous year as its profitable resurgence continues following a period of unprofitability in the wake of the Covid-19 pandemic. <\/p>\n\n\n\n
This increase in underwriting profits comes despite a 41% increase in gross claims incurred, which was largely driven by a jump in marine, aviation and transport (MAT) claims. <\/p>\n\n\n\n
Claims for this business line rose by more than 79% as it broke through the \u00a33bn barrier and underwriting profits fell by almost two-fifths to \u00a3311.4m. <\/p>\n\n\n\n
This compares to an underwriting profit of \u00a3590.8m in 2021 when it was the second most profitable business line behind property insurance with an underwriting profit of \u00a3525.2m. <\/p>\n\n\n\n
Meanwhile, gross written premium (GWP) across all business lines rose by more than a quarter, increasing to \u00a331.3bn \u2013 up from a little under \u00a325bn the previous year. <\/p>\n\n\n\n
This increase in performance comes despite a 29% increase in gross claims to \u00a37.5bn, which was offset by a corresponding increase in premiums. <\/p>\n\n\n\n
Third party liability continues to be the largest business line, accounting for 39% of the total market with GWP totalling \u00a312.3bn for 2022. Property insurance is close behind with GWP of \u00a310.6bn, equal to 34% of total market premiums.\u00a0<\/p>\n\n\n\n