Lloyd’s Asia premiums set to top $1bn for first time in 2023
Lloyd’s Asia is set to grow its premium volume beyond $1bn for the first time this year, according to Tokio Marine Kiln’s Asia Pacific regional managing director Pavlos Spyropoulos.
Spyropoulos spent more than 12 years with Lloyd’s prior to joining Tokio Marine Kiln last year, the last eight of which were with the Corporation’s Singapore-based Asia platform.
He predicted Lloyd’s Asia would pass the $1bn milestone in 2023 following significant expansion over the past three years.
According to Lloyd’s data, the platform generated $897mn of GWP in 2022, having expanded at a compound annual growth rate of 8 percent over the past six years.
Much of that growth has been delivered since 2020, when the platform wrote around $650mn of GWP.
According to Lloyd’s, 15 managing agents currently participate on the platform: Allied World, Antares, Asta, Axa XL, Beazley, Canopius, Chaucer, Markel, Mosaic, MS Amlin, Munich Re, Newline, Talbot, Tokio Marine Kiln and Volante.
While the number of participants on the platform is down by roughly a third compared with its peak in 2015, Spyropoulos said Lloyd’s Asia was currently “at the peak of its powers” in terms of underwriters and its current premium scale.