Lloyd’s achieved gross written premium of £55.5bn in 2024, an increase of 6.5% on the previous year. Publishing its preliminary 2024 full-year financial performance, it said the market’s combined ratio has increased by 2.9 percentage points to 86.9%. It achieved an underwriting profit of £5.3bn, down on the £5.9bn recorded in 2023.

Burkhard Keese, CFO at Lloyd’s, said: “2024 saw us maintain our focus on strong profitability and disciplined growth. Our market has delivered another excellent underwriting year for our investors, while providing best in class solutions for our customers to protect their business flows and balance sheets.

“We would like to extend our deepest sympathies to those affected by the California fires earlier this year. Although we are still assessing the full impact, we do not expect this to be a capital event.”

Lloyd’s estimated the market’s net loss for the Californian wildfires to be approximately £1.8bn.