The Corporation of Lloyd’s oversees the market, establishing standards and providing services to support its activities It also manages Lloyd’s worldwide licences. The Corporation’s Executive Team exercises the day-to-day powers and functions of the Council and the Franchise Board. The Corporation (including its subsidiaries) had 886 employees worldwide, as at 31 December 2009. As well as providing cost-effective services to aid the smooth running of the market, the Corporation strives to raise the standards and improve the performance. The Corporation’s work is split into two main areas: 1. Overall risk and performance management of the market. Setting the level of capital Lloyd’s members must provide to support their proposed underwriting. Overseeing the market’s business activities by operating a minimum standards framework and monitoring the performance of syndicates in areas such as exposure management, cycle management, claims management and operational risk management. Working with the managing agents of underperforming syndicates to improve performance, intervening if stronger action is required. Managing financial and regulatory reporting for the market, including the production of its results and the Financial Services Authority (FSA) return. 2. Maintaining and developing the attractiveness of the market's capital providers, distributors and clients while preserving Lloyd’s diversity and London based business model. Managing and developing Lloyd’s global network of licences and the Lloyd’s brand. Taking action in the long-term interests of the market.
While it isn’t possible to be 100% secure from a cyber-attack, there are numerous measures companies can take to reduce the risk of it happening, and to ensure they minimise the consequences should a breach occur. This report helps companies better understand the cyber threat.
This report looks at how to improve the ability of cities and their infrastructure to withstand and recover from disasters. It includes three new pathways that will help city officials, businesses, communities and insurers work together to build greater city resilience.
Produced by Lloyd’s in association with the Met Office, this report analyses the links between extreme weather events occurring in separate regions of the world that can take place over a range of timescales from days to years (known as teleconnections).
The Lloyd’s ‘Facing the cyber risk challenge’ survey examines the attitudes of European business leaders towards cyber risk. Download this report for analysis of the research findings.
This paper focuses on insurance losses arising from malicious electronic acts, referred to throughout as “cyber-attack”. The paper sheds light on the growing frequency and severity of attacks, Lloyd’s cyber-attack strategy and next steps – including the development of cyber-attack scenarios.
Emerging risk report: Political violence contagion - A framework for understanding the emergence and spread of civil unrest
This Lloyd’s report investigates the conditions that enable political violence contagion – outbreaks of sub-state political violence triggering similar events across the international system – and presents a practical approach that may better equip insurers to assess this emerging risk.
Use of chemical, biological, radiological and nuclear weapons by non-state actors: Emerging trends and risk factors
This report explores some of the key factors driving the global threat of CBRN attacks as an act of terrorism or sabotage. The report also presents a set of extreme scenarios for each form of attack that insurers may want to consider in their exposure management and underwriting strategies.
Liability exposure management has historically been a challenge for insurers. This report presents an approach which combines insights provided by scenarios and supply chains to quantify losses that could arise from liability events.
Accumulations of liability risk have the potential to send shockwaves through the insurance industry. This report presents a new approach and helps insurers tackle the four key challenges associated with understanding emerging liability risks.
This report looks at the challenges around the development of insurance solutions for drones. The report highlights a number of concerns around safety, security and surveillance that could pose significant risks to drone operators and manufacturers, and could hamper the sector’s growth.