The Lloyd’s Market Association will focus its 2026 efforts on 4 areas:
- growth, following the Government’s confirmation that insurance and reinsurance have the potential to be key drivers of growth – but the LMA is worried that insurance was “merely a footnote” in the FCA’s letter to the Prime Minister in December, which is says it exemplified in the FCA going only halfway towards a handbook definition of consumer and pushing consideration of whether to disapply the Consumer Duty to overseas business to the middle of the year;
- dealing with the potential softening market, which can lead to less rigorous scrutiny of wordings and risk profiles, and potential ambiguities in coverage;
- cyber, including the slow uptake of cyber insurance, particularly among SMEs; and
- the continuing natural catastrophe insurance gaps.