WHAT FUTURE FOR LLOYD’S?

Analysis of the Lloyd's insurance market reveals that while its sustainable energy business grew by 18% annually from 2020 to 2024, its fossil fuel business grew by 2.4% per year, contrasting with a 2.8% decline in the wider global insurance market. Lloyd's remains the world's largest center for fossil fuel insurance, capturing an estimated 9% of the global market and one dollar in every eight of global oil and gas premiums. The report identifies Hiscox Syndicates as a significant outlier among managing agents for its high reliance on fossil fuel premiums. Furthermore, it highlights a growing talent crisis, noting that two-thirds of students who would consider the insurance sector would only apply to companies that do not insure fossil fuel projects or have commitments to reduce such underwriting.

• The Lloyd's market is expanding its fossil fuel business despite a general decline in the global insurance market. Between 2020 and 2024, Lloyd's fossil fuel premiums grew at an annualized rate of 2.4% (inflation-adjusted), while the wider global insurance market experienced a 2.8% annualized decline.
• While sustainable energy premiums in the Lloyd's market grew rapidly from US$180 million in 2020 to US$425 million in 2024 (an 18% annual growth rate), this business remains small compared to fossil fuels. In 2024, the ratio of sustainable energy to fossil fuel premiums was 0.22 : 1, meaning fossil fuel premiums were more than four times larger.
• Lloyd's of London is the world's largest center for fossil fuel insurance, holding an estimated 9% share of the global market. Its dominance is particularly strong in the oil and gas sector, where it accounts for one dollar in every eight of global premiums.
• Among the largest managing agents in the Lloyd's market, Hiscox Syndicates is identified as a major outlier for its reliance on fossil fuels. Specifically, syndicate 003321 derives over 9% of its premiums from fossil fuel business, which is more than double the market-wide average of just over 4%.
• The insurance industry's continued support for fossil fuels is contributing to a talent shortage. A survey indicated that approximately two-thirds of students who would consider a career in insurance would only apply to firms that do not insure fossil fuel projects or have committed to reducing such underwriting.
• Lloyd's lacks mandatory market-wide policies to restrict new fossil fuel underwriting, and only 7.1% of the Lloyd's market is covered by managing agents with an oil and gas exclusion policy. This contrasts with 11 major European re/insurers (excluding Lloyd's) that refuse to underwrite new upstream oil and gas projects.

APA

Whiting, L. (2025). WHAT FUTURE FOR LLOYD’S? Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/11/What-Future-for-Lloyds.pdf

Chicago

Whiting, Luke. WHAT FUTURE FOR LLOYD’S? Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/11/What-Future-for-Lloyds.pdf.

Wikipedia

{{cite report |last1=Whiting |first1=Luke |title=WHAT FUTURE FOR LLOYD’S? |publisher=Reclaim Finance |date=November 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/11/What-Future-for-Lloyds.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{whiting2025what, author = {Whiting, Luke}, title = {{WHAT FUTURE FOR LLOYD’S?}}, institution = {Reclaim Finance}, year = {2025}, month = nov, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/11/What-Future-for-Lloyds.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }