Lloyd’s shows continued progress across all core culture commitments

The fourth Market Policies and Practices return demonstrates good progress across the Lloyd’s market in multiple culture areas including women in leadership and representation of ethnic minorities.

Culture is one of the four core strategic priorities at Lloyd’s. Building a more diverse, inclusive and high performing marketplace is an essential part of Lloyd’s purpose: sharing risk to create a braver world.

The return from Lloyd’s fourth Market Policies & Practices (MP&P) annual survey, designed to understand the workforce composition, policies and practices of firms who operate at Lloyd’s, has revealed further progress across the market: including increased representation of women in leadership positions and advances in Lloyd’s ethnic minority hiring commitment. The return has also demonstrated a boost in diversity data collected across the market, with a sizeable increase in ethnicity reporting.

Culture change in the Lloyd’s market is an ongoing process, and there remains much more work to do; yet the market’s collective, persistent focus on improving representation in key groups is driving welcome and encouraging progress. 

Gender

Strong progress has been made against Lloyd’s women in leadership target of 35%, with the number of women in these roles increasing by +2pp to 32% across all levels. Encouragingly, 35% of firms met or exceeded the 35% target, up from 26% from last year – meaning the market-wide target to reach 35% by the end of 2023 is now within reach.

Of the 48,000 people that the survey covers, women now make up 43% of the total workforce and in 2022, 42% of new hires were women. 

Ethnicity

Improving ethnic minority representation at all levels has been a priority for the Lloyd’s market over the past few years. The latest MP&P highlights the extent to which efforts to collect ethnicity data have vastly improved, with 94% of firms (+16pp on last year) now collecting ethnicity data.

Ethnic minority representation in leadership roles increased by +4pp to 9%, with improvements seen at all leadership levels. In addition, ethnic minority representation across the market increased by 2pp to 11%, demonstrating that progress has been made against Lloyd’s 1-in-3 ethnic minority hiring ambition, with 17% of all new hires coming from an ethnic minority background – an increase of +2pp from last year.           

Taking action

While culture change takes time, these results show that Lloyd’s is making good progress and is committed to ensuring that the market is an inclusive place where everyone can thrive. 

Lloyd’s has introduced an upskilling programme for market participants focusing on talent and succession planning, inclusive hiring, and diversity data collection.