COVID-19: Lloyd’s announces plans to stress test the market and Corporation resilience
Lloyd’s today announced a ramping up of business continuity preparations and reassurance for the market, employees and customers in the event of an escalation of contingency measures due to COVID-19.
Lloyd’s will test the resilience of the market on Friday 13 March by closing the Underwriting Room at 1 Lime Street in London for 24 hours in order to test alternative trading protocols.
The measures announced today include:
Lloyd’s business continuity team has assessed the Lloyd’s market’s readiness to continue trading if the Underwriting Room needs to be closed at any point.
Lloyd’s now proposes to stress test this.
- For 24 hours on Friday 13 March (midnight – midnight) Lloyd’s will close the Underwriting Room in London and invoke its Emergency Trading Protocol.
- This 24-hour exercise will provide valuable information on the real-life effectiveness of the protocol. Relevant regulators have been informed of these plans.
- Additionally, Lloyd’s will take this opportunity to deep clean the Underwriting Room and all public areas in the Lloyd’s building.
The Lloyd's market is committed to being there when our policyholders need us the most. That means paying all valid claims as quickly as possible. In addition, Lloyd’s has set up a dedicated contact point to provide our policyholders with assistance and to help them find the right person to confirm cover or process a claim – this is available at email@example.com.
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Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.