In a move towards annual accounting as its statutory reporting regime, Lloyd's has decided to adopt UK Generally Accepted Accounting Principles (GAAP) from 1 January 2005.
Lloyd's said it would initially adopt GAAP, but had plans to move to the International Accounting Standards (IAS) where it said there was more clarity on the proposed standard on accounting for insurance contracts.
It said this should minimise the impact on the Lloyd's market in terms of cost and new systems.
The move is in line with the Lloyd's Franchise Board's commitment for Syndicate accounts to be more transparent and comparable with the accounts of their global competitors, said Lloyd's.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
