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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.

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.
Extract from Bruce Carnegie-Brown at ‘Business of Resilience’ conference (21/03/22)
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.

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.

Watch and learn more about our work on building a more inclusive future

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.