Lloyd's announces 'ground-breaking' emerging risks initiative

Lloyd’s has created £53m of capacity to underwrite and expedite product development for emerging risks. The Product Innovation Facility, led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo, will trial new types of insurance for complex and non-standard risks, including, but not limited to, intangible assets and supply chain

Lloyd’s CEO, John Neal, said: “Lloyd’s has a deserved reputation as the home of insurance innovation and I am delighted to see this initiative taking shape, which harnesses Lloyd’s unrivalled entrepreneurial spirit. In so doing The Product Innovation Facility aligns with our collective vision for the future of the world’s re/insurance market. By incubating new product ideas and helping them to scale up over time, Lloyd’s will continue helping its customers to deal with rapidly evolving and emerging risks.”

Welcoming the launch, Airmic’s deputy CEO and technical director, Julia Graham, said the new initiative has the potential to break new ground.

“We applaud Lloyd’s not only for the breadth of what is being considered, but also the extent of collaboration between syndicates to achieve an ambitious but important goal.

“Airmic has been campaigning for meaningful insurance innovation for years and we are hopeful that this will help take forward our recommendations and sow the seed for genuine new solutions coming on the market. As the global centre for specialist risk, Lloyd’s is playing to its strength, and we look forward to supporting this project as it evolves.”

The new facility, which creates a “safe space” for underwriters to balance the need for appropriate oversight with the risk of lagging behind, is aligned with the recently published ‘Future at Lloyd’s’ strategy.

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