Building resilience

2016: Electronic placement goes live
As part of Lloyd’s commitment to modernising the London Market, London’s electronic placement platform (PPL) was launched. Stand alone terrorism is the first risk to be bound.

2016: Celebrating diversity
After the successful London launch in 2015 of Lloyd’s market-wide diversity and inclusion festival called Dive In, the initiative was launched globally to foster open, inclusive cultures across the insurance industry.

2018: The new home for insurance innovation
Lloyd's Lab, a new space dedicated to accelerating and fostering new product development, was launched in Lloyd's. Designed to provide a ‘fast-track, fast-fail’ environment for start-ups and market members to act on insights and data, its mission is to develop new products and services that advance the market’s digital evolution.

2018:  Lloyd's Europe launched
With an enduring commitment to Europe post Brexit, Lloyd’s established its first Europe wide operation to ensure customers and partners in the EEA have continued access the scale, expertise and capacity of the Lloyd’s market.

2019: Future at Lloyd's
In 2019 Lloyd’s unveiled a bold new strategy to meet its customers’ needs for new insurance products and services, and to adapt to rapidly evolving business and risk environments. The Future at Lloyd’s set out a number of transformational initiatives with the goal of building the world’s most advanced insurance marketplace. 

2019: Opening the Market to new participants
As part of the Future at Lloyd’s plans, Syndicate-in-a-box was launched to encourage new business and talent to come to Lloyd’s. The programme makes it easier for innovative new syndicates to enter and trade at Lloyd’s for their first three years, giving them the best chance of success.

2020: Cultural transformation
In the drive to achieve long-term cultural change and a more inclusive market Lloyd’s announced new diversity and inclusion targets. The first is to increase female representation in leadership roles by 35% within three years. In 2021, this is followed by a commitment that a third of all new hires across the market and Corporation should come from Black and Minority Ethnic backgrounds, including leadership roles.

2020: Responding to a global pandemic
In one of the most challenging periods in modern history, Lloyd’s powered mission critical work to ensure the market could respond to the unprecedented disruption caused by Covid-19. Lloyd’s continued to support its customers, with claims expected to total £6.2bn, and donated £15m to charities concerned with healthcare, wellbeing and innovation. For the first time in its history the Underwriting Room had to close in March 2020, fully reopening in May 2021.

2020: Greater resilience for the world’s most challenging risks
Lloyd’s Futureset was launched as a catalyst for action, creating a new global platform and community dedicated to driving greater societal and economic resilience in the face of an increasingly uncertain future. Sharing systemic risk insight, intelligence and expertise, its primary goal is to examine the growing global risks brought about by climate change, and to spark innovation to develop solutions.

2020: For connections to slavery an apology
Lloyd’s issued an apology for its role in the transatlantic slave trade, which caused enormous suffering and continues to have a negative impact for Black and Minority Ethnic people into the present day. Lloyd’s committed to fully research its historic connections to slavery and to redouble its efforts to address racial inequality and lack of representation within the Lloyd’s market.

2020: Accelerating the transition to a sustainable economy
In line with the UN’s Sustainable Development Goals and supporting the principles to reduce global greenhouse gas emissions set out in the Paris Agreement, Lloyd’s published its first Environmental, Social and Governance (ESG) Report, which set out commitments for a more sustainable and inclusive market, along with targets for responsible underwriting and investment.

2021: Protecting Covid-19 vaccine transit and storage risks
Lloyd’s Global Health Risk Facility (GHRF) was launched as an alliance of insurance and technology partners to provide comprehensive insurance and risk mitigation service for the storage and transit of life-saving medical supplies to emerging economies, including temperature sensitive vaccines, diagnostics, PPE and cold chain equipment.

2021: Female Liveried Waiters
Zsofia Korodi was the first female Lloyd’s Liveried Waiter to write an official entry into the historic Lloyd’s Loss Book, for the Inspecta 7 which sank on 2 June 2021 in the Gulf of Suez.

2021: Commitment to a faster pace for positive climate action
Convened by HRH Prince of Wales and chaired by Lloyd’s, The Sustainable Markets Initiative (SMI) Insurance Task Force was launched in the Underwriting Room. Comprising of executives from many of the world’s largest insurance and reinsurance companies, it provides an influential platform for the sector to collectively advance the world’s progress towards a resilient net-zero economy.

2021: Protecting the most vulnerable 
As part of HRH The Prince of Wales’ Sustainable Markets Initiative (SMI), the Insurance Task Force (ITF) launched the Disaster Resilience Framework for Climate-Vulnerable Countries. The framework is aimed at proactively protecting countries most vulnerable to rising sea levels and extreme weather events through a novel public-private investment approach.

2022: ‘AsOne’ Ukrainian grain facility 
The conflict in Ukraine demonstrated the devastating toll a systemic event has on the global risk landscape. The Lloyd’s market quickly mobilised to ensure shipments of grain from Ukraine to Africa could continue, averting a humanitarian crisis.

2022: A new Foundation 
The Lloyd’s of London Foundation was launched to provide charitable activity through the Lloyd’s Community Programme and to provide a centre of expertise for delivering long-term, meaningful social impact.

2022: New age of space salvage 
Lloyd’s collaborated with UK Government and industry experts to develop the Earth & Space Sustainability Initiative. Lloyd’s plays an important role in convening conversations around the risks caused by increasing space debris in the unregulated race to launch new satellites for communications and research.

2023: Lloyd’s Private Impact Fund 
In line with Lloyd’s commitment to be the Insurer of the transition to net zero, Lloyd’s Private Impact Fund has been launched. The fund’s purpose is to invest globally across private equity, infrastructure, natural capital, and real estate, targeting the long-term themes of climate mitigation, climate adaption, the circular economy and social inclusion.