Is the UK and EU insurance sector heading for a windfall tax like oil and gas? There have been some impressive financials posted recently and you wonder if the public mood in the UK is getting tougher as EV premiums in particular head up by 40% in some cases.
The same profit levels and percentage increases across the EU might also prompt cash-hungry Commissioners to seize the opportunity to rake in more tax on services like insurance, as it deliberately places obstacles in the way of industrial/car manufacturing, oil/gas refining, chemicals, farming etc across the EU zone – climate change and Net Zero demands de-industrialisation of course.
Just a thought. Meanwhile, here is the latest news just in from the LMA;
The Lloyd’s Market Association (LMA) and Insurance Capital Markets Research (ICMR) intend to unveil a comprehensive report into Lloyd’s results following the publication of all the syndicates’ accounts on 28 March 2024. The report promises valuable insights into Lloyd’s and syndicates’ accounts.
Lloyd’s recently announced its best ever profit of more than £11bn which sets it on course to achieve its best return on capital for over 15 years. For a snapshot analysis of Lloyd’s preliminary 2023 Full Year financial results, visit the LMA website here.
The full report will delve into performance of syndicates and segments of the market by size and line of business, as well as benchmarking the market’s performance against liquid specialty (re)insurance investment and catastrophe bond indices.
Paul Davenport, Finance & Risk Director at the LMA, said: “Lloyd’s results this year have been exceptional, and this collaborative report with ICMR underscores our commitment to providing our members with valuable insights into Lloyd’s performance.”
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