Fresh thinking, talent and innovation needed to tackle the risk landscape: Lloyd’s CCO

Now is the time for re/insurance to confront its biggest challenges head-on. From understanding non-peak perils better to harnessing data to clearing market roadblocks to cultivating tomorrow’s talent. Solving each of these represents another step towards a single goal: a sustainable future that’s ready for the risks of tomorrow.

That’s the perspective of Dawn Miller, chief commercial officer of Lloyd’s and CEO of Lloyd’s Americas. She believes that only with a deeper dialogue and open collaboration, can the industry forge resilient solutions that are fit for the future.

“We’re talking about revolutionising re/insurance,” Miller told SIRC Today. “But to innovate effectively, we must first understand our foundations, ensuring we’re prepared to solve tomorrow’s challenges sustainably.

“Lloyd’s is telling its own story in its own words,” she added. She cites many initiatives Lloyd’s has undertaken to evolve the marketplace to tackle emerging risks in a complex, interconnected landscape. She said Lloyd’s has demonstrated “agility, innovation, and resilience”.

One of the central themes at the conference, she noted, has been “non-peak perils”, which have emerged as a growing concern in the global insurance market. “We’ve heard ‘non-peak perils’ mentioned several times at this conference,” she said. “These so-called secondary perils still result in significant human, economic, and societal loss. 

“Addressing them demands a firm grasp of the industry’s fundamentals, alongside data-driven modelling and disciplined programme structures.”

 “We are ‘the oxygen of the global economy’, and that’s not just a statement.”

Removing the barriers

This perspective feeds into a wider focus on removing barriers to market access. According to Miller, Lloyd’s role is about making access to the re/insurance business “as seamless as possible”, whether for seasoned underwriters or new entrants. 

“Our focus at Lloyd’s is to remove barriers—whether real or perceived—that hinder efficient market access. We want the world’s best underwriters on our platform, and our role is to ensure the infrastructure and framework remain transparent and frictionless,” she said.

“It’s not about replacing business done outside of Lloyd’s but complementing global expertise,” she noted. “Our platform offers opportunities for experimentation, securing reinsurance, and leveraging global licences—catering to a diverse range of risk-taking needs.”

This approach extends beyond London, as Lloyd’s aims to work closely with regulators and stakeholders globally. “In terms of forward thinking, even when markets fluctuate and rates soften, we’re striving to be an agile partner to regulators worldwide,” Miller said. “Whether it’s in Asia, Europe, or the Americas, our goal is to engage proactively, facilitating solutions for the evolving landscape.”

Her experience in emerging markets brings valuable insights, especially in regions with vast potential but comparatively low insurance penetration. “Having worked extensively in emerging markets, I’m fascinated by the rapid growth and talent influx, alongside opportunities in areas like cyber risk,” she said. 

“Yet, despite Asia’s significant exposure, insurance penetration remains low, leaving an opportunity gap we must address.”

Lloyd’s is experiencing particular growth in sectors such as cyber and property insurance. As Miller explained: “We’ve seen exceptional growth in sectors such as cyber and property. Our Asian platform, in particular, continues to experience double-digit growth, underpinned by evolving data insights and strategic exposure reviews.”

A proactive approach to risk understanding is key to Lloyd’s future. “Our thematic reviews each year focus on critical exposure points, recently expanding to encompass a broader set of non-peak perils,” she said. 

“Since 2017 there has been a 21 percent increase on a gross basis of these perils, so understanding and underwriting them appropriately is crucial.

“We’re now shifting from rules-based oversight to a more agile, principles-based approach. Instead of driving to the lowest common denominator, we’re enhancing performance oversight in a way that elevates the market as a whole,” she added.

“We are proactively shaping the future of reinsurance.”

Modernisation

Among Miller’s priorities is modernising the Lloyd’s infrastructure, particularly through initiatives such as Blueprint Two, the initiative to modernise Lloyd’s through digitisation. “Blueprint Two represents our leap from a 40-year-old mainframe to cloud-based systems, using a common data record,” she said. “It’s a transformative step that aligns everyone on data clarity and efficiency, signalling our commitment to market agility.”

This technological transformation encompasses a shift in fees and the way Lloyd’s charges participants. “Our charging structure overhaul is another example of simplification,” Miller said. 

“Moving to a transparent, flat fee model starting January 2025 is a massive shift that demonstrates how we’re making it easier for our managing agents to operate.”

While Lloyd’s “highly technical” nature is a strength, Miller acknowledged that driving change in a large, legacy organisation comes with its challenges, and progress can be slow. She emphasised the importance of shifting perspectives within the organisation, saying: “We must work to flip the mindset from solving every possible scenario to experimenting, starting small, and building trust in our ability to adapt.”

Miller is optimistic about Lloyd’s growing appeal, noting that this year the platform has seen more new entrants, covering a range of innovative models. “We’ve welcomed more new entrants to Lloyd’s this year than ever before, spanning from tech-driven entities to reinsurance vehicles,” she said. “This diversity is a testament to the flexibility and appeal of our marketplace.”

Looking to the future, Miller underscored that reinsurance at Lloyd’s is about much more than risk management—it’s about supporting the global economy. “Revolutionising reinsurance means embracing AI, leveraging data to make better decisions, and investing in tomorrow’s talent,” she said. “We are ‘the oxygen of the global economy’, and that’s not just a statement but our responsibility to ensure the industry evolves with resilience and innovation.

“We are not just reacting to industry trends; we are proactively shaping the future of reinsurance,” she explained. “From strengthening global partnerships to innovating our data use, we’re committed to creating a sustainable and resilient industry for years to come.

“Data gives us an opportunity to make smarter, swifter, more efficient decisions, and put the right resources in the right place. And we have to focus on tomorrow’s talent,” she concluded. “We’re such an incredible industry.”

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