It is pleasing to note that engagement with both the Market, Policies and Practices (MP&P) return and the Culture Survey improved in 2022.
93% of managing agents and brokers responded to the MP&P return, an improvement of 12% on the previous year. Participation in the Culture Survey also increased, up 54% to over 9,500 people responding, representing 35% of the people working in the Lloyd’s market.
Both the MP&P and Culture Survey show progress across nearly all dimensions.
Data collected via MP&P demonstrates diversity is increasing within the Lloyd’s market generally and that gender and ethnic diversity has improved, albeit at an incremental rate. The data also demonstrates improvements to policies operated by market firms and an increasing focus of leadership on culture as a Board issue.
18 firms achieved or exceeded the 35% women in leadership target and 63% of firms increased the representation of women in leadership in the last year. Ethnic diversity in the market increased to 9% and 11 firms have achieved the 1 in 3 ethnic minority hiring ambition, with baseline data showing 15% of new hires having an ethnic minority background. This is good progress and the data in the culture dashboard demonstrates improvements across a range of areas.
The Culture Survey shows pleasing progress. Nearly all questions improved, building on progress from previous years. The most positive themes were leadership (particularly support during the coronavirus impact), competence and respect with the lowest scoring themes being responsiveness (processes and practices) and resilience (work pressure).