Beale warns on Lloyd's costs and commissions

Inga Beale

After a large fall in underwriting profits last year, Beale, pictured, said: "Fundamentally we have concerns on underwriting profitability and costs. 41 cents of every US dollar [written] is going towards operations and commissions. We need to think about the fundamental economics of our model. There are some worrying trends in the market." Speaking at a Hong Kong event on 5 April Beale also highlighted that disruptors will be eyeing the Lloyd's model and that Lloyd's needed to adapt quicker