Risks: Concerns include algorithmic accuracy, regulatory challenges, and a potential talent gap as automation displaces traditional roles.

"Although enhanced underwriting is in the early stages of its maturity, this report shows that there is almost universal belief that it will be a fundamental part of Lloyd's future, presenting an opportunity for the market to apply its deep specialty expertise in new ways," said Elizabeth Jenkin, LMA's underwriting director. "By thoughtfully integrating these models, market participants believe they will drive efficiency, improve risk selection and access underserved business, while reinforcing Lloyd's position as a leader in complex, high-value risks."