Lloyd’s reports 7% rise in H1 2026 gross written premiums

Lloyd’s reported a 6.9% increase in gross written premium (GWP) for the first half of 2026, reaching £34.7bn. This growth was driven by a 15.8% rise in volume from new and existing syndicates, despite a more competitive pricing environment.

The market delivered an underwriting result of £1.9bn with a combined ratio of 90.8%, aided by lower major claims compared to the previous year. However, profit before tax decreased to £3.5bn from £4.2bn in H1 2025, largely due to decreased investment returns of £1.8bn caused by unrealized fixed income losses amid widening yields.

Chief Executive Patrick Tiernan emphasized the need for innovation to become the market’s ‘natural operating rhythm’ to address the protection gap—the difference between economic and insured losses. He noted that while state-backed schemes have historically cushioned systemic risks, increasing pressure on public finances may limit future government intervention capacity.