Lloyd’s Asia turns 25 as $1bn premium milestone draws closer

Lloyd’s will celebrate the 25th anniversary of the launch of Lloyd’s Asia in Singapore later today, with the platform set to pass the $1bn premium mark in 2024 having narrowly missed the milestone last year.

The platform, which first opened its doors this week in 1999, ended 2023 with a premium volume of $948mn, having enjoyed a compound annual growth rate of 12 percent over the past four years.

Speaking to The Insurer at this year’s Singapore International Reinsurance Conference, Lloyd’s chief commercial officer Dawn Miller said: “According to the business plan, we will be exceeding the $1bn premium milestone at Lloyd’s Asia in 2024.

“Over 40 percent of our book here is property and that will continue to grow. This is the region with the highest exposure to cyber but the lowest penetration to cyber, but we are seeing growth of 130 percent in our cyber book.”

Reinsurance business continues to dominate the regional portfolio, comprising 73 percent of Lloyd’s Asia premiums in 2023, with the remaining 27 percent being direct insurance.

Fifteen service companies currently operate through the Lloyd’s Asia platform, which is the largest of Lloyd’s international hubs.