General Insurance Article - Aon launch Lloyds Update report Redefining the Future


Aon announces the launch of its 2019 Lloyd’s Update report Redefining the Future. The report provides information on a wide range of subject areas that are integral to the successful functioning of the Lloyd’s market, including its regulation and governance, membership and capital setting, syndicate developments, and operating performance.

 It highlights that Lloyd’s is at a ‘pivotal’ moment in its evolution – the ‘Future at Lloyd’s’ initiative launched by Lloyd’s CEO John Neal may result in the biggest changes in the market since the Reconstruction and Renewal process of the mid-1990s. Lloyd’s has outlined a series of measures designed to enhance the market’s relevance on the global stage. This is driven by customer feedback calling for better solutions for today’s risks, a simpler process for accessing products and services at Lloyd’s, and lower costs of doing business at Lloyd’s.

 The report cites that the Future at Lloyd’s proposals are ambitious and designed to result in a much more efficient and responsive market. Ultimately, the goal is to create better connectivity between capital and risk that delivers greater value to customers and supports long-term growth. Potential outcomes include separate placement methods for complex and standardized risk, easier entry to the market for high-performing innovative businesses, more flexibility in the way that capital participates, a next-generation claims service and the creation of an ‘ecosystem’ of data and services.

 Mike Van Slooten, the author of the report and Head of Business Intelligence for Aon’s Reinsurance Solutions business said: “Lloyd’s has had a challenging few years but I think John Neal is now building real consensus for change. Lloyd’s retains core strengths, but it is increasingly recognised that structural issues must now be addressed to allow them to come to the fore in today’s global marketplace. The key to success is bringing costs down. Technology can be an enabler in that area, but ultimately people and behaviours drive progress and that is why the inclusive approach offers the best chance of success.”

 To read the full Lloyd’s Update – Redefining the Future report, please follow the link: Lloyd’s Update – Redefining the Future
  

Back to Index


Similar News to this Story

Reinsurance sector elevated insured losses moderates
According to Guy Carpenter despite global economic volatility and insured loss activity nearing $70 billion through the first half of 2025, reinsuranc
Enduring impact of charitable Covid19 Support Fund
Five years on from the start of the pandemic, the ABI’s latest report “From Crisis to Impact: What the Covid-19 Support Fund Delivered” has outlined t
Global top 20 insurers report average premium growth
The global top 20 publicly listed insurance companies continued to demonstrate robust momentum in 2024, largely fuelled by a higher interest rate envi

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.