“Last year the US accounted for about 47% of Lloyd’s premium income and that has been growing at a steady pace for the last ten years,” says Watkins, speaking on a recent visit to London. He attributed this increase in large part to the growth of the US economy, as well as rising demand for natural catastrophe insurance as our climate changes.
Another major factor driving product development and innovation across the US market is the growth of the sharing economy, says Watkins. Sharing economy companies are increasingly looking for insurance products that protect their own operations as well as the tangible and intangible assets that they share on their platforms. Insurers must think beyond traditional products and services to effectively meet these needs. And this is where the Lloyd’s market “really shines”, says Watkins.