Lloyd’s CEO, Richard Ward, talks to lloyds.com about the launch of Lloyd’s 2010 - 2012 strategy.
Lloyd’s strong performance in 2009, in the midst of global financial turbulence, is a tribute to the success of recent strategies and the focus on performance management and capital preservation. Our model, as a subscription market backed by a layer of mutual security is unusual but it is clearly serving us, the non-life insurance industry and the customer well. The Corporation’s role in overseeing the performance of market participants – a fundamental part of Lloyd’s success over recent years – will remain a top priority for 2010-2012.
It’s time to take a more outward view, and this plan examines the external pressures which will influence our continued future success. In the shorter term, the global financial climate continues to present real challenges to the market. We will also need to manage the implementation of Solvency II, which will have a major impact on us and the whole industry.
In the longer term, Lloyd’s needs to position itself to ensure that it remains the market of choice for specialist property and casualty risks. This includes working to promote the competitiveness of London as a financial services centre. The continued success of Lloyd’s and the London insurance market is intrinsically tied to the reputation of the City of London itself. We benefit, in particular, from the depth of knowledge and wealth of skills of the people working in the London insurance market and its highly regarded ancillary services. 40,000 people work in the London insurance market, supported by 10,000 people elsewhere in the UK. This is around a quarter of all people employed in financial services in the City.
As a result of this external focus, the market consultation that preceded the development of this document was more extensive than in the past. We spoke to over 50 managing agents, brokers and other interested stakeholders and I would like to thank all who gave their time to provide input. This close collaboration, in particular with the Lloyd’s Market Association and the London & International Insurance Brokers’ Association will continue as, together, we implement this strategy.
Our strategy is not one of radical change – perhaps in today’s climate this is something of an achievement in itself – but it will provide us with a new clarity of direction, and ensure that Lloyd’s continues to thrive.
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