Maritime Risk International
Lloyd’s results
Gross written premium overall for 2021 in specialty reinsurance in the Lloyd’s market was £2,512 million (in 2020 it was £2,211
million), an increase of 13.6 per cent year on year, Lloyd’s said in its 2021 annual report. Specialty marine reinsurance
is the largest sector of the Lloyd’s specialty reinsurance business. Gross written premium for marine, aviation and transport
within this specialty business was £1,782 million (2020: £1,506 million). The Lloyd’s reinsurance specialty line reported
an accident year ratio of 80.9 per cent (2020: 101.1 per cent). Marine lines saw considerable improvement in market conditions
in 2021 as a result of increasing pricing levels and remediated terms. Concurrently, claims inflation had been observed, with
unexpectedly large claim rewards from the US and losses susceptible to increased salvors costs.