Lloyd's Risk Code Hub · Accident & Health

Personal Accident & Health

Covering accidental death & dismemberment, disability income, medical expenses, travel, sports, creditor protection and group A&H schemes across Lloyd's K-series codes.

KA – Personal Accident KB – PA Binder KC – Contingency / Med Expenses KG – Group A&H KM – Maritime PA & K&R KP – Creditor Protection KS – Sports Disability KT – Travel Insurance KX – Miscellaneous A&H

Figures in this module are compiled from public reporting and market sources and are indicative for training; see the References page for the full confidence audit. EST

~$130bn
Global PA&H GWP
EST
~£4bn
Lloyd's A&H GWP
EST
9
Lloyd's K-series codes
VER
~40%
Post-COVID mental health
claims frequency increase
EST
8–10%
UK medical inflation p.a.
EST

Lloyd's K-Series Code Definitions

Code descriptions are industry-standard interpretations. EST where Lloyd's internal code definitions are not publicly published.

CodeClassScope & Typical InsuredsConfidence
KAPersonal Accident (Individual)Accidental death, dismemberment and disability for individuals. Direct-written fac risks. Executives, high-net-worth individuals, occupational PA schemes.EST
KBPersonal Accident (Binder)PA written under binding authority / delegated underwriting arrangements. MGAs, coverholders and affinity group schemes producing KA-type risks.EST
KCContingency & Medical ExpensesEvent cancellation, non-appearance, prize indemnity and medical expense reimbursement. Overlaps with travel medical in certain MGA schemes.EST
KGGroup A&HGroup personal accident and/or group medical expenses for employer-sponsored employee benefit schemes. Includes group life and income protection elements.EST
KMMaritime PA & Crew K&RCrew personal accident, marine medical expenses and maritime kidnap & ransom (piracy, crew detention). Offshore workers, seafarers, fishing vessels.EST
KPCreditor Protection InsurancePayment protection insurance (PPI) and creditor life/disability products covering loan repayment obligations on death, disability or involuntary unemployment.EST
KSSports DisabilityCareer-ending disability and loss of earnings for professional athletes, sports teams and governing bodies. Rugby, football, cricket, motorsport, combat sports.EST
KTTravel InsuranceAll-risks travel covering trip cancellation/curtailment, medical expenses abroad, emergency repatriation, baggage and travel delay. Consumer and corporate.EST
KXMiscellaneous A&HResidual A&H classes including niche disability products, war PA, political violence PA and specialist personal accident not elsewhere classified.EST

Coverage Architecture

Accidental Death & Dismemberment (AD&D)

  • Accidental death (capital sum)
  • Loss of limb / eyesight
  • Permanent total disability (PTD)
  • Permanent partial disability (PPD)
  • Temporary total disability (TTD)

Medical Expenses

  • In-patient / out-patient treatment
  • Surgery and specialist fees
  • Diagnostic tests (MRI, CT)
  • Emergency repatriation
  • Mental health (increasingly covered)

Travel Insurance (KT)

  • Trip cancellation / curtailment
  • Medical abroad and repatriation
  • Baggage & personal effects
  • Travel delay / missed departure
  • 24/7 assistance services

Sports Disability (KS)

  • Career-ending disability lump sum
  • Loss of earnings (temporary / permanent)
  • Ransom (kidnap of sports stars)
  • Contract frustration (player injury)
  • Amateur sports PA extensions

Group A&H (KG)

  • Employer-funded PA for staff
  • Group private medical insurance (PMI)
  • Group income protection (IP)
  • International group medical schemes
  • Employee assistance programmes (EAP)

Creditor Protection (KP)

  • Life cover for mortgage / loan balance
  • Disability: meets monthly repayments
  • Involuntary unemployment cover
  • Regulated as pure protection (FCA)
  • Critical illness extension (CI)

Key Definitions & Concepts

Own Occupation vs. Any Occupation (Disability Definition) "Own occupation" — claimant cannot perform their specific job — is more favourable to the insured and commands higher premium. "Any occupation" — claimant cannot perform any job for which they are suited — is harder to satisfy and more common in creditor protection products. Definition of disability is the single most contentious wording element in PA&H.
Aggregate Deductible (Medical Expenses) An annual excess applied to the total of all claims in a policy year rather than per-claim. Encourages cost control and reduces frequency; common in group PMI schemes. Distinct from a per-claim excess / co-payment.
Pre-Existing Condition (PEC) Exclusion Standard exclusion for medical conditions existing at inception. Three approaches: full exclusion (MORI / moratorium UW), individual medical underwriting (IMU — accepted or excluded per condition), and group continuation/transfer without PEC carryover (where eligible).
Morbidity vs. Mortality PA&H pricing is driven by morbidity (rate of sickness, injury and disability claims) rather than mortality (death rates alone). Morbidity data — especially mental health trends, long-COVID duration and musculoskeletal claims — drives reserve adequacy and re-rate decisions.
General Average (Maritime PA — KM) Where a crew member is injured during a declared General Average act, personal accident coverage under KM coordinates with P&I (Protection & Indemnity) club coverage. KM is primary for crew PA claims; P&I covers third-party employer liability where applicable.

Market Participants

Lloyd's Syndicates

Accident & health syndicates writing direct PA, group schemes, travel and sports disability. Key syndicates historically include those specialising in A&H treaty as well as direct/fac.

MGAs & Coverholders

Significant portion of Lloyd's A&H written via delegated authority under KB/KG binders. MGAs often distribute through affinity groups, employers, banks and travel agents.

Specialist Reinsurers

Munich Re, Swiss Re and Hannover Re are dominant in PA&H treaty reinsurance. Quota share and stop-loss XL structures common for high-frequency/low-severity travel and group PMI books.

Assistance Companies

Europ Assistance, AXA Partners, Mondial Assistance (AXA), International SOS. Provide the 24/7 medical helplines, emergency repatriation logistics and case management that underpin travel (KT) and KM products.

Employee Benefit Brokers

Aon, WTW, Mercer and Gallagher dominate multinational group A&H (KG) placement. Typically combine group PMI, group income protection and group life in packaged employee benefit tenders.

Regulatory & Rating Bodies

FCA (consumer A&H — IPID requirement, pricing regulation); CMI (Continuous Mortality Investigation — morbidity data); Swiss Re sigma; IUMI; Munich Re A&H publications.

Hub Modules

Module 00Overview Module 01History & Origins Module 02Major Events Timeline Module 03Claims Database Module 04Underwriting Module 05Rates & ROE Module 06Risk Mitigation Module 07Global Programme Module 08References