Analysis from WTW has found that the adoption of technological innovation is delivering tangible results for underwriters and helping to position them for long-term profitable growth. WTW’s analysis covered 49 syndicates making up around 85% of the Lloyd’s market.

The top 30% of these syndicates delivered an aggregated combined operating ratio of 89% in 2022. The middle 30% posted an aggregated COR of 93% while the lower 40% returned an aggregated COR of 95%.

Richard Clarkson (pictured), global market leader for global specialty, insurance consulting and technology at WTW, said: “In 2022, the market was still at a tipping point with a focus on how to deliver operational efficiencies. Since then, this analysis shows sufficient momentum has been built to be able to say that the market has now tipped. Insurance firms across the board are successfully getting to grips with data, achieving better insights into drivers of risk performance and embracing new ways to trade and operate.”

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