Background and rationale
Currently Lloyd’s collects a large variety of data from market participants. The vast majority of which is financial & insurance risk data (both past and projected) at various levels of granularity; premium, claims, expenses, exposure, capital, reinsurance, etc.
Data is collected to enable Lloyd’s to satisfy the tax and regulatory obligations for the territories it operates in, such as:
- Comply with UK PRA solvency II pillar 3 requirements
- Calculate and disclose tax obligations for all territories (UK, US, Canada, Singapore, Hong Kong, etc.)
- Regional specific returns such as Conduct Risk, Terrorism, Medical, etc
Data is also collected to enable Lloyd’s to govern and protect the overall market, such as:
- Performance management to take a holistic view of the market’s strategic and financial dependencies
- Risk modelling submissions, to monitor potential exposure to aggregate catastrophes and other large losses
- Syndicate business forecast, to govern the types & volumes of business written at Lloyd's
The information requirements from regulators across the countries and territories Lloyd’s operates within continues to expand in volume and variety, necessitating an efficient and agile data collection and processing pipeline.
Currently the core set of data is collected from the Lloyd’s market via Core Market Returns (CMR) and additional data is captured via a secure file upload facility ‘SecureStore’ or alternatively direct collection via email.