The majority of the market's underwriters, at 84 percent, said pricing would also be at the forefront of insurance buyers' minds during 2005. In contrast, only 4 percent said fallout from New York Attorney General Eliot Spitzer's investigations would be at the forefront of buyers' minds.

The general feeling among underwriters, the survey said, was that regardless of all other issues, cost is currently the determining factor for insurance buyers.

Lloyd's underwriters, the survey found, are bullish on the Chinese market. When asked which region has the most opportunity for growth, 25 percent of the respondents listed China as the "foremost area of business opportunity." Additionally, nearly 60 percent said they believe China to be the market that offers the biggest new specialist opportunities.

Mr. James said: "The fact that underwriters at Lloyd's pinpoint China as having the greatest growth potential demonstrates why Lloyd's is putting so much time and effort into securing an on-shore reinsurance license there."

Other key findings include:

? More than half of underwriters interviewed believe that regulators will be the group with the most powerful impact on the industry in 2005. Of those who believe the regulators will be the most influential group, 54 percent think the impact will be negative, while 43 percent think it will be positive. Brokers and media were seen as groups having mostly negative impact.

? Some 32 percent of underwriters interviewed thought that the industry's overall reputation with insureds was "poor," while 61 percent said it was "good." Nearly 60 percent thought the industry's overall reputation had stayed the same in the past year.

? Underwriters said they believe the increased transparency and disclosure and better communication with those outside the industry were the factors that could help most to strengthen the industry's reputation.