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Lloyd's of London Unveils Plans for 2010-2012

Posted on 08 Feb 2010

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Lloyd's of London today released its 2010-2012 Strategy after a detailed review of the market's position.

Maintaining and developing the attractiveness of the Lloyd's market is central to the strategy, which includes working to ensure that London remains a competitive financial services centre, continuing work to improve the operating environment and ensuring that the evolving regulatory landscape does not damage Lloyd's position.

“This is about evolution, not revolution. We have stood up well in the face of the worst recession since the great depression, and we don’t see a huge necessity to change direction. The Lloyd’s subscription model backed by a layer of mutual security is serving us and our customers well, as is our location in the heart of the London insurance market,” said Richard Ward, CEO of Lloyd’s.

“While we are in good shape, we cannot afford to be complacent. In 2010 we will be absolutely focused on underwriting and risk management and in preparing for the introduction of Solvency II,” Ward added.

Other priorities for 2010 include: increasing the adoption and use of The Lloyd’s Exchange; transforming the way the Lloyd’s market handles claims; and improving access to business through working with brokers and coverholders.

“Lloyd’s is a broker market; they are central to the market’s ongoing success. We also need to work to improve and streamline how coverholders access the market,” Ward said.