Lloyd’s hails underwriting performance as COR drops to 91.9% in 2022

Lloyds of London - aerial view

Lloyd’s has labelled its underwriting performance in 2022 as good as any in recent memory with “more than expected” improvement.

The combined operating ratio fell 1.6 percentage points to 91.9% for the year. The marketplace flagged that this was despite major claims of 12.7%, including losses arising from the conflict in Russia and Ukraine, and from hurricane Ian in Florida.

The expense ratio also dropped to 34.4% from 35.5% in 2021. Gross written premium rose year-on-year by over 19% to £46bn.

Today, we are presenting an underwriting performance and capital position as good as Lloyd’s has reported in recent memory

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