2022. Reflecting back, looking forward
In 1984 a time capsule, a snapshot of a place and time, was buried within the roof of the new Lloyd’s building, in a ‘topping-out’ ceremony presided over by HM Queen Elizabeth, The Queen Mother. A nod to the traditions and history of Lloyd’s, high above the streets of the City, in one of the most cutting-edge buildings ever imagined.
The Queen’s Platinum Jubilee year marks a historic moment in the life of the nation and creates an opportunity for reflection. The Covid-19 pandemic, climate change, geopolitical instability and cyber insecurity are reminders that systemic risks are never far from reality, shaping our world and shaping us. Our insurance market is critical in strengthening society’s resilience to these global forces. Collaboration, combined with the expertise and financial strength of the market means Lloyd’s underwriters and brokers continue to anticipate and respond to new and emerging risks, creating the solutions our complex and interconnected world demands.
In 1984 we captured a moment in time; we face into a very different world today. So, to mark this historic year, we’ve decided to consign a new time capsule to the Cloud. Our new virtual version will allow people to access details about Lloyd’s history, and how we will continue to help our customers, businesses and communities all over the world prepare, protect and rebuild in times of greatest need. This is a record where we stand today; our commitments, our work, our hopes and even our dreams, for creating a braver world for future generations.
A more sustainable future
As the global community confronts the ever more apparent consequences of climate change, we’ve been clear that our market must be the insurer of the transition, supporting customers as they shift their business models and products to low carbon. We are committed to leading our industry to develop the solutions that can help society respond to the impacts of climate change. 2021 saw us make new and important pledges against these goals, including our commitment to transition all our operations, investments and underwriting to net zero by 2050 or sooner.
We also brought leading voices together from insurance and beyond through the former Prince of Wales’s Sustainable Markets Initiative (SMI). As Chair of the SMI Insurance Task Force, we’re mobilising the sector to build the solutions that will increase resilience against climate change.
2022 ESG committee
The composition of the 2022 ESG committee, along with individual member biographies.
2021 ESG Report
An overview of the progress we’ve made, and the plans we’re making, to support a more sustainable, resilient and inclusive marketplace.
Climate Action Roadmap
In July 2021 Lloyd’s set out how the insurance industry will partner with critical industries to support and accelerate the transition to a low carbon economy, with the launch of its new report Insuring a sustainable, greener future. The climate action roadmap included a number of wide-ranging, practical steps that will help accelerate the transition of multiple industries to net zero carbon.
Insuring greener energy
Sustainable energy is vital for the future of all sectors, but it comes with its own risks. Discover the challenges facing wind, nuclear and hydrogen power – a new energy source with massive potential.
Lloyd’s 2020 United Nations Global Compact Report
As part of our journey to become a more responsible business, we have signed up to the United Nations Global Compact to commit to their sustainability principles. This report demonstrates the momentum and describes the progress Lloyd’s has made towards these Sustainable Development Goals during 2020.
To build resilience in our own operations, at COP26 Lloyd’s signed up to the Net Zero Insurance Alliance and Glasgow Financial Alliance for Net Zero.
As a member of those alliances, we’ve committed to make the emissions from the Lloyd’s Building net zero by 2025. We’ll also achieve a net zero investment position for our £3bn Central Fund by 2050.
Net Zero Insurance Alliance // Glasgow Financial Alliance for Net Zero
A more resilient future
Businesses and communities need to prepare for the most prevalent threats facing society today. Our focus is on building resilience to natural and man-made risks; in 2021 we launched Futureset, a global platform and community dedicated to connecting diverse perspectives and facilitating cross dialogue on systemic risk. Futureset’s role is to create greater societal understanding and collaboration in order to build preparedness to the growing and interconnected risks facing us today.
The Lloyd’s Lab has been created as a dedicated space to accelerate and foster new products and solutions for the needs of customers around the world. Lloyd’s Product Launchpad provides a safe space for Insuretechs and underwriters to meet, collaborate and explore new ideas and to bring successful concepts to market faster. Together we are writing the future of insurance.
As we witness a considerable increase in disasters and the inequitable impact they have on developing economies, we’re committed to protecting the most vulnerable communities around the world and to filling the ‘protection gap’. The Disaster Risk Facility brings seven Lloyd’s syndicates together to develop and incentivise new solutions to help developing economies tackle underinsurance and improve their resilience against the economic impacts of natural catastrophes.
Ukraine: A conflict that changed the world
We launched two reports, in collaboration with Aon, in response to the conflict in Ukraine. The first examined the wide-ranging and long term impacts that the conflict could have on businesses, and the steps they can take to mitigate these risks. Our second report outlined the immediate role the (re)insurance industry is playing in responding to emerging customer needs.
Climate action
This report set out the sustainability and decarbonisation ambitions of the sectors that are critical to a successful global transition to a low carbon economy, together with a climate action roadmap that highlights the ways in which the global insurance industry will support and accelerate this transition and the delivery mechanisms which will be deployed.
Greener energy
Sustainable energy is vital for the future of all sectors, but it comes with its own risks. Our report set out the challenges facing wind, nuclear and hydrogen power – a new energy source with massive potential.
Greener transport
Our Greener Transport report set out the challenges facing the aviation industry, the hidden risks of electric vehicles, and how maritime transport can go green.
Greener industry
Our Greener Industry report explored how the construction industry can decarbonise, and how green finance initiatives can help guide the way to a cleaner, more sustainable future.
Disaster Resilience Framework
The Insurance Task Force (ITF) as part of the former Prince of Wales’ Sustainable Markets Initiative (SMI) launched its Disaster Resilience Framework for Climate-Vulnerable Countries. The framework aims to demonstrate the opportunity that exists to blend public and private investment with insurance that could reengineer and drastically improve disaster resilience in low- to middle-income countries who are most at risk from climate-exacerbated extreme weather events.
A more inclusive future
The Black Lives Matter movement highlighted that there are still many hurdles to overcome if we are to build a truly representative society. At Lloyd’s we’re committed to building an inclusive workplace and market, because we know that a wider range of experience and voices that reflect the diversity of the communities and customers our market insures is key to the ways we’ll adapt and make a difference. We’re doing more to build a workplace everyone can take part in and contribute to, that’s why we’ve committed to ambitious gender balance and ethnicity goals to make our market more diverse and representative.
Inclusion also means building greater opportunity beyond our walls. The Lloyd’s Foundation will work with our charity partners to create long term partnerships for tangible action and more impact in the local communities we’re part of and live amongst, providing support across a broad range of projects that are helping real people to tackle and overcome the challenges of everyday lives – instilling confidence and unlocking independence.
2022 Culture Dashboard
Our Culture Dashboard acts as a benchmark and serves as an honest marker of our collective progress towards a more inclusive environment.
Diversity & Inclusion report
Holding Up the Mirror, the report that reflects on the progress and challenges of the Diversity and Inclusion journey of the Lloyd's Market.
Lloyd’s Accelerate programme
Lloyd’s is committed to developing ethnic minority talent in the Lloyd’s market as part of a wider five-part action plan. The programme is designed to help our future talent know how to leverage the skills, role models and opportunities that will enable them to manage their career.
Lloyd’s Advance programme
Lloyd’s is committed to closing the gender pay gap by working to increase the number of women taking up senior roles across the insurance industry as well as improving the gender and broader diversity balance across all levels. This development programme aims to improve the pipeline of women within the industry identified as future leaders.
Watch and learn more about our work on building a more inclusive future
Lloyd's of London Foundation
The Lloyd’s of London Foundation is the independent charity founded and funded by Lloyd’s. It provides a vehicle for charitable activity and engagement for the Lloyd’s Corporation and a centre of expertise for delivering long-term, meaningful social impact alongside our employees, market firms and wider stakeholders.
Dive In 2022
Dive In is a multi-award winning festival for diversity and inclusion in insurance. Dive In 2022 saw over 100 events held in 40 countries; the theme was 'Building braver cultures', focusing on both on and offline culture.
Our history
From humble beginnings in a coffee shop by the Thames in the 1650’s; our unique history is colourful, tempestuous and fascinating, but ultimately about lessons learnt on ways to improve - then, now, and tomorrow - as we work with purpose, sharing risk to create a braver word.
