The committee received an update on the Financial Institutions cyber wording project following publication of the new clauses. Members discussed plans for a market briefing, which is expected to combine technical guidance, legal perspectives and practical claims-based scenarios to support market understanding and adoption of the updated clauses.

Members reviewed a number of legal and regulatory developments, including ongoing motor finance redress issues, related litigation and the potential implications for coverage, aggregation and policy wording interpretation. Emerging risks associated with private credit also remained a key area of interest, reflecting increasing regulatory scrutiny and market growth.

Claims and emerging risk discussions focused on the continued rise of AI-related, cyber and social engineering exposures. Members noted increasing claims activity, the growing convergence of crime and professional indemnity risks, and ongoing work to assess the adequacy of existing policy wordings. Broader discussions covered use of Lloyd’s Insights Hub benchmarking tools, regulatory developments in Brazil, cyber risk coding, cyber security vulnerabilities, financial guarantee classifications and developments in Australian shareholder litigation. The committee also highlighted the importance of market education, training and cross-class collaboration to address evolving risks.