Lloyd’s 2025 Culture Survey shows strong performance above industry benchmarks

08 Jan 2026

Lloyd’s, the world’s leading insurance and reinsurance marketplace, has today published the results from its 2025 Culture Survey, conducted across the Corporation, managing agents and brokers between September and October 2025.  

The findings show that the Lloyd’s market continues to outperform industry standards, with 26 out of 28 comparable questions scoring above the financial services (FS) benchmark.  

Key highlights:

  • Sustained progress: Improvements achieved by the market in recent years have been consolidated, with minimal change across themes.  
  • Strong Cultural Indicators:  

      o    Accountability and Client Focus received excellent scores. 
      o    Psychological safety and Leadership remain strong 
      o    Nearly 9 in 10 respondents feel they can be themselves at work.  

  • Advocacy is 84%, 13 points above FS Benchmark. 
  • Market scores exceeded benchmarking most significantly in:  

      o    Understanding behaviour expectations (+28 points)
      o    Processes not being a barrier (+22 points). 

  • The most commonly used words to describe firm cultures are friendly, collaborative and professional.

Performance Bandings

  • To better reflect the spread of results, firms have been grouped into performance bands: 
  • 18% of market firms achieved an ‘Excellent’ overall score 
  • 70% rated ‘Very good’, and 12% as ‘Good’.  
  • No firms are rated as ‘Fair’ or ‘Poor’.
“Building a culture that is inclusive, transparent, consistent and values-led is one of my top priorities. Our market culture is not perfect, but it is very good—and improving. At Lloyd’s, we are 100% committed to creating a culture that is objectively excellent. We start from a relatively strong position, benchmarked against the wider financial services sector, but it is encouraging that we remain clear-eyed about where we must do better. Honest self-criticism, combined with a relentless focus on outcomes, will be essential if we are to attract and retain the best talent and sustain the long-term relevance of our industry.”
Lloyd’s Chief Executive, Patrick Tiernan

Notes to Editors

For 2025, we have evolved our approach to assessing firms. While quartiles have been useful previously, as the market results have improved, the spread of quartiles has condensed to a point where a 3% improvement would mean the difference between Q3 and Q1. 

Moving forward, score bandings that more accurately reflect the strong performance of the market relative to FS benchmarks will be used. The five-point scale is: Excellent, Very Good, Good, Fair & Poor.