LLOYD’S UNDERWRITING PERFORMANCE BEATS OTHER UK LEADERS

Lloyd’s recorded the UK’s best underwriting performance in 2003, ahead of the country’s other leading providers of commercial insurance cover, according to newly published research by local independent strategic advisory firm Oxford Metrica. The Lime Street market achieved the best general-insurance combined ratio for the year of 90.7%, ahead of six others that also recorded a sub-100 figure. Lloyd’s also achieved the lowest loss ratio of 57.2%, improving on its market-leading 2002 figure of 62.3%. The study also found that European insurers tended to have a greater exposure to equities than their counterparts in the US, reflecting US firms being more tightly regulated in the area of equity exposure.