2018 marks Lloyd’s Australia’s 20th year of business. While this is a drop in the ocean compared to Lloyd’s 330-year history, we’re immensely proud of what we have achieved in Australia in this short time.
It has been an exciting period to be part of the business, with many significant societal and cultural changes around the world.
In the space of the last two decades, we’ve witnessed monumental changes such as 9/11, the rise and threat of radical ideology, and the proliferation of cyber-crime – which have all led to new and complex risks in terrorism and cyber-crime. We’ve seen how vulnerable our cities can be to natural disaster risk in the wake of destruction from the Indian Ocean tsunami, the meltdown of Fukushima and more recently, the “international year of disaster” that was 2017.
There has also been a paradigm shift in political risk and international relations, for both better and worse, with events such as Brexit, One Belt One Road, the election of Donald Trump, the advent of social media, China’s rise as a technological and commercial goliath, and the potential denuclearisation and reunification of the Korean peninsula.
Here in Australia, Lloyd’s has been privileged to play a role in helping communities across the country during some of their toughest times, including the 2009 Black Saturday bushfires in Victoria and the 2010-11 floods in Queensland.
We’ve also seen the introduction of GST, Financial Services Reform, the demise of HIH, the introduction of various Codes of Practice, the Financial Ombudsman Service and the creation of the Terrorism Pool to name but a few industry milestones.
On top of this we have worked alongside our colleagues in the insurance industry to highlight the business case for more diverse and inclusive workplaces.
Amid these turbulent and challenging times, what has not changed is the unwavering strength and dedication of the Lloyd’s brand and franchise. We know that we can count on the strength of the Lloyd’s market and that the world can count on us.
As we look to the future, we see it is very clear that the technological revolution will continue to bring new risks and challenges but Lloyd’s ability to innovate, as well as our financial strength, will see us continue to grow.
Back in 1998, our premiums written in Australia were around A$500m. Last year in 2017, the total premiums written by Lloyd’s in Australia was A$2.3bn, making us the 5th largest player in Australia and the 4th largest territory for Lloyd’s worldwide.
It has been a pleasure to work with our loyal network of coverholders and brokers and it has been immensely gratifying to slowly see the growth and success of the Lloyd’s Australia business. We could not have achieved this result without the support of all of you. On behalf of Lloyd’s Australia, we thank you sincerely for your support.
Here’s to another 20 years of underwriting human progress!
Total premiums written by Lloyd’s in Australia in 2017