Lloyd’s is planning for gross written premium (GWP) to increase 11% next year to £60 billion ($114 billion), Chief of Markets Patrick Tiernan says in a fourth quarter message. 

The growth, from expected GWP of £54 billion ($103 billion) this year, would be divided between price increases and exposure. 

“At an aggregate level we remain pleased with the discipline the market has demonstrated while seeking to take advantage of opportunity where it is prudent to do so,” Mr Tiernan said in the market message. 

Lloyd’s Europe is expected to exceed £5 billion ($9.5 billion) next year and the Singapore platform is anticipated to top £1 billion ($1.9 billion) for the first time. 

“We will continue to invest in better digital assets and service for brokers in the regions ahead of our big multinational push in 2024,” he said. 

Current pricing dynamics at a market level are not expected to change materially in the near-term as uncertainty drives elevated return requirements, Mr Tiernan says. 

Underwriting focus areas for next year will include greater attention on casualty, directors’ and officers’, political violence and terror, and cyber. 

Planned GWP growth in cyber is expected to be “just shy” of 20%, putting it on par with the level of increase seen this year. 

“Pressure on rate is evident, but for the most part, the leadership positions of the major Lloyd’s players protect against the worst excesses,” Mr Tiernan says. “We are watching closely but have no immediate cause for concern given that well over 75% of the class is concentrated with our outperforming and good syndicates.” 

The D&O class is expected to contract next year in response to “strong messaging” from the corporation.