Lloyd’s CUO Turk on leadership, data, and underwriting discipline

Rachel Turk, chief underwriting officer (CUO) of Lloyd’s, provided insights into the challenges and opportunities facing the world’s biggest re/insurance marketplace during a keynote discussion at the InsTech Exponential Risk conference in London.

From the significance of data-driven decision-making to the role of influence in leadership, she outlined her priorities and vision for Lloyd’s in the coming year.

Turk, who joined Lloyd’s from Beazley just over a year ago, emphasised the importance of maintaining underwriting discipline, particularly as the market cycle turns and softens, interviewed on stage (pictured) by InsTech CEO Matthew Grant.

“You think of where we are from a performance landscape at Lloyd’s—it’s fantastic, great results,” she noted. “But for 2025, it’s about maintaining discipline, managing volatility, and ensuring that we don’t forget the lessons of the past.”

She referenced stringent portfolio management measures introduced in 2018 and 2019, emphasising the importance of not relaxing standards after recent strong performance.

While rising re/insurance rates have supported the industry in recent years, Turk believes the future demands a more nuanced underwriting approach.

“It’s going to be a harder task ahead for the underwriting community than it has been in the last few years,” she cautioned.

Data’s power and pitfalls

One of Lloyd’s distinct advantages is its vast repository of data, collected from syndicates operating within the market.

“We have an awful lot of data—some of it willingly provided, some perhaps less so,” Turk said.

One of the key benefits for carriers of being within the Lloyd’s market, she explained, is access to aggregated, anonymised insights through what is known as ‘club data.’

“Syndicates don’t just have to look at their own portfolio,” Turk said. “They can benchmark against a $70 billion premium pool, gaining a broader perspective on trends across the market.”

This benchmarking enables re/insurers to see their performance relative to similar portfolios rather than merely comparing themselves to others of the same size.

Despite the potential, Turk acknowledges some limitations.

“We look at all the standard metrics—GWP, propensity to hit plan, rate change—but I prefer rate adequacy as a metric,” she said. “The challenge is ensuring accuracy. Directly measured data is fine, but point-in-time estimates can be problematic.”

This emphasis on data-driven oversight feeds into Lloyd’s regulatory framework, which assesses syndicates on 13 key principles. High-performing syndicates operate with relative autonomy, while underperformers receive direct intervention.

“When things go wrong, we step in more forcefully. That’s when I go from being a ‘critical friend’ to a much more involved presence,” Turk explained.

She underscored the importance of maintaining Lloyd’s reputation, likening the marketplace to a fish market.

“If one stall sells rotten fish, it damages the reputation of the entire market,” she added.

Leadership and influence

As Lloyd’s continues to evolve, Turk’s emphasis on discipline, data, and influence will be critical in shaping its future.

Having transitioned from her previous CUO role at Beazley to working for the Lloyd’s market, Turk acknowledged that the shift, from managing one book of underwriting business, to overseeing a community of CUOs, requires a different leadership approach.

“In my previous role, if I suggested something in an executive meeting, people nodded, agreed, and things got done. At Lloyd’s, I quickly realised people nodded but nothing necessarily happened,” she recalled.

Rather than issuing directives, her role relies on influence. “I have what I call a lot of negative power—I can say no to anything, but I can’t force people to do what I want,” she explained.

Instead, she aims to shape the market’s direction through data-driven insights and persuasion.

Looking ahead to 2025, Turk identified two key priorities: maintaining performance standards and expanding the role of insurance in post-loss solutions, with sizeable protection gaps even in the most developed insurance markets.

“Right now, insurance is just 20% of the solution in California and 40% in Florida—that’s not a good position to be in,” she noted. “I’d like to see the market step up and become a bigger part of the post-loss recovery process.”

For professionals looking to advance their careers in the industry, Turk’s advice is simple: say yes to opportunities.

“I’ve been incredibly fortunate to have had sponsorship throughout my career, and I’ve always taken the opportunities presented to me,” she said. “Even if something pushes you out of your comfort zone, it can open doors.”