The new initiative provides the Lloyd’s Corporation (the body that oversees the Lloyd’s market) and Lloyd’s insurers with new resources to explain the value and workings of Lloyd’s claims service to brokers and policyholders.

It also showcases claims stories of the customers the Lloyd’s market supports around the world.

Commenting on the new initiative, Vincent Vandendael, Lloyd’s Chief Commercial Officer, said: “For too long we have not made the most of our claims service, which with its global reach, high service standards, financial security and focus on the policyholder is one of our greatest attributes. This project emphasises our commitment to providing the best possible claims service to our customers, and will give Lloyd’s syndicates, brokers and coverholders the tools to tell our claims story.

“Whether offering advice to mitigate risks, creating insurance policies that cater for new risks or honouring its promise to pay claims to help people get back on their feet after disaster strikes, insurers have a crucial role to play. It’s time they shouted this story from the rooftops.”

The new campaign is Lloyd’s response to the insurance industry’s need to do a better job of explaining its contribution to human development and progress.

One way to do that is by telling claims stories. Nowhere is there a clearer demonstration of the purpose and value of insurance than in the payment of claims to help communities recover and rebuild, as the recent windstorms across the Caribbean and North America have reminded us.

The Lloyd’s market has already paid US$1.7bn in claims for windstorms Harvey, Irma and Maria. Lloyd’s brokers are receiving money from Lloyd’s managing agents within just five days of agreement so they can pay policyholders promptly. Lloyd’s estimates a total commitment of US$4.8bn for the three storms.

As a market that’s been trading for 328 years, Lloyd’s understands the importance of honouring its promise to pay. This has been the foundation of Lloyd’s trusted reputation and with total net financial resources of £28bn the market stands ready to support policyholders through the largest catastrophes when they need it most.

Over the past six years, the Lloyd’s market has paid out $85bn in claims, that’s an average of $43m per day paid to policyholders around the world.

Claims map

That’s a staggering amount of money and it provides essential support to economic development around the world, removing the burden from governments and taxpayers.

This is the true value of the international insurance and reinsurance industry helping to build more resilient communities and diversify risk out of economies into capital markets. Lloyd’s research shows that a one percentage point rise in insurance penetration can reduce the burden on the taxpayer by 22% and is associated with increased investment of 2% of national GDP.

As Lloyd’s chairman Bruce Carnegie-Brown said in a recent speech to the London Market Forum: “Without insurance, global economic development would be pegged back by the punishing impacts of natural disasters, businesses would crash under the cost of remediating cyber-attacks and communities would spend years rebuilding after catastrophes strike.

“Insurance transfers risks away from the public purse onto the private sector and helps build resilience.”

But while the benefits of insurance are clear, underinsurance levels still remain high in both developed and emerging economies.

Lloyd’s underinsurance report shows, for the first time, an annual gap of $168bn between the levels of insurance needed and the actual cost to businesses and governments of rebuilding and recovering from major catastrophes.

Read more about Lloyd’s claims stories here: