SIRC 2026: Lloyd’s sharpens Asia proposition as regional competition rises
November 3 2026 by Joana Nguyen
Lloyd’s is focused on “faster service, lower costs, reduced reporting friction and more predictable, risk-based oversight” as it sharpens its competitive edge in Asia amid the current soft market, according to Nick Donovan, director of market development.
“We want to ensure that Lloyd’s remains an attractive platform for both existing and prospective participants as competition increases across the region, and as the underwriting cycle becomes more challenging,” he said.
“That means Lloyd’s needs to demonstrate an attractive proposition on the things participants care about: access to business, operating efficiency, speed and cost, all while retaining the oversight and underwriting discipline that underpin the strength of the Lloyd’s market.”
Singapore is central to that proposition, with Lloyd’s Asia the marketplace’ largest underwriting hub outside London, said Donovan, who is also chair of Lloyd’s Dubai platform.
“We also want to attract more local underwriting expertise, so that the marketplace increasingly combines the knowledge and relationships of the region with the wider capabilities of Lloyd’s,” he added.
“Ultimately, the test is whether businesses see attractive, sustainable opportunities to grow through Lloyd’s.
“As pricing comes under pressure in parts of the market, we will continue to support growth where the business is adequately priced and the underlying risk is well understood.”
Strategic priorities in Asia
For Asia, instead of focusing on specific size or growth targets, Lloyd’s is aiming to increase its relevance while maintaining underwriting discipline, according to Donovan.
“The opportunity is compelling. Asia is investing heavily in data centres, ports, rail and road infrastructure, while expanding trade corridors across markets including China, India, Vietnam, Indonesia, Singapore and South Korea,” he said.
“These developments are driving demand for marine, cargo and trade credit insurance, while digitalisation and the energy transition are creating further demand for specialist risk solutions.”
Moreover, with Asia’s climate protection gap and digital vulnerabilities among the leading opportunities for the industry, Lloyd’s has expanded its capacity through dedicated property syndication consortia, while it recently joined the Global Asia Insurance Partnership to co-develop localised, data-driven solutions, Donovan said.
“For me, the role of Lloyd’s as a convenor is an important part of our market development. Lloyd’s role in this region is about more than bringing additional capacity.” Nick Donovan, Lloyd’s
Target growth areas include parametric climate coverage, tech liability, and mid-market cyber scaling across Australia, Asean, and India, he added.
“We are already seeing new approaches emerge. In Japan, Munich Re Specialty launched a parametric earthquake product through the Lloyd’s Japan platform, while across APMEA we have onboarded several new service companies and coverholders since the beginning of 2026,” he said.
And, as part of the growth plan, Lloyd’s continues to support existing participants to grow, attract high-quality new entrants and develop distribution through brokers, MGAs and coverholders, according to Donovan.
The director in particular noted increased use of MGAs and coverholders for specialist distribution in Asia, while facilities and portfolio solutions are becoming a more important part of how business reaches the wider Lloyd’s market.
Talent & innovation
Alongside commercial growth, Lloyd’s is working to contribute to the development of the (re)insurance ecosystem itself, through investment in talent, innovation and stronger connections between local markets and the Lloyd’s marketplace, according to Donovan.
“The 2026 Lloyd’s Asia Broker Academy brought together 36 high-potential brokers from eight Asian markets in Singapore for specialist learning, mentoring and market engagement,” he said.
Donovan added that the wider Lloyd’s Academy educational programmes have reached more than 5,000 participants across APMEA, and it has also continued meet the market and educational activity in markets including Singapore, Hong Kong, South Korea, Japan and Taiwan.
“For me, the role of Lloyd’s as a convenor is an important part of our market development. Lloyd’s role in this region is about more than bringing additional capacity,” he added.
“It is also about supporting the talent, innovation, distribution and connections that help the wider insurance and reinsurance market respond to changing risk.”
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