How much did Lloyd’s Canada premiums rise last year?

In 2021, Lloyd’s maintains its position as the largest direct commercial risk writer in Canada.

Globally, Lloyd’s posted £39.2bn ($60.8bn) of gross premiums written annually, up 10.6% from 2020.

“Underwriting is extremely important and we continue to see significant rate increases in certain classes of business such as cyber, risk at risk, certain classes of directors and officers and other highly competitive areas. can be [for example] Mark Lippman, president of Lloyd’s Canada, said:

“Pricing is certainly competitive as the market begins to move into what I call a true underwriting environment.”

Canada represents a “very balanced and diverse business” for Lloyd’s, with property and casualty insurance and the financial sector covering some of its largest lines, Lippmann said.

Lloyd’s serves more than half of Canada’s cyber market, and Lipman said it is expected to do so “for many years to come.”

In August, Lloyd’s issued an order calling on management firms to tighten language on the risks of state-sponsored cyberattacks and cyberwarfare.

“We will continue to lead the market in addressing issues such as state-sponsored cyberattacks and generally ensure [the market has access to] It’s a risk mitigation best practice that clients need to deploy to avoid cyber incidents in the first place,” said Lippmann.

Russia’s invasion of Ukraine is likely to present an opportunity for Canadian energy as countries consider embargoes on Russian oil and gas.

“Canada has an opportunity to strengthen and fill some of the voids created by it to support supply in Europe and elsewhere,” Lippmann said.

“While Lloyd’s is committed to ESG goals and helping our customers transition to cleaner energy sources and better ways to reduce their energy consumption, we are committed to helping Canada’s energy production and the industry as a whole. There is a real opportunity to support and help try and quell some of these challenges, and the volatility that is there right now.”