- June 14, 2021
- Posted by: Stratford Team
- Category: Business
Noting that Lloyd’s is “well placed for a sustainable future,” he said the events of the past year have placed the London-based market at an “inflection point” for profitable growth.
“I’m acutely aware of the challenging backdrop in which our market and our people are operating,” he said. “Notwithstanding the progress in unlocking the economies where the majority of our customers and staff reside, the outlook is decidedly uncertain from a pandemic, macro-economic and geopolitical perspective.”
As an example of the kind of uncertainty that is forcing insurance markets to adapt quality to new realities, he pointed to figures showing the rapid rise of cyber crimes and cyber terrorism in 2020.
“The global market for cyber is predicted to grow from just under US$8 billion in 2020 to just over US$20 billion in 2025,” he said. “At the same time, the number of ransomware…
