Lloyd’s survey shows market continues to outperform wider financial services standards

Lloyd’s has revealed that the London market continues to outperform wider financial services standards across most indicators.

The marketplace published the results of its 2025 Culture Survey yesterday (8 January 2026), which gathered responses from the Corporation of Lloyd’s, managing agents and brokers.

The survey, which was conducted between September and October 2025, showed that 26 out of 28 comparable questions scored above the financial services benchmark.

Accountability and client focus recorded particularly strong scores, while psychological safety and leadership also remained robust.

Nearly nine in 10 respondents said they felt able to be themselves at work, while overall advocacy across the market stood at 84% – 13 points above the financial services benchmark.

The largest positive variances against the benchmark were recorded in respondents’ understanding of behavioural expectations, which scored 28 points higher, and perceptions that processes did not act as a barrier to doing their job, which scored 22 points higher.

Respondents most commonly described their firm’s culture as friendly, collaborative and professional.

Performance bands

Lloyd’s grouped firms into performance bands rather than quartiles, following a review of how results are assessed.

Under the new approach, 18% of market firms achieved an ‘excellent’ overall rating, while 70% were rated ‘very good’ and 12% ‘good’. No firms fell into the ‘fair’ or ‘poor’ categories.

Lloyd’s said the results demonstrated that cultural improvements made in recent years had been sustained.

Patrick Tiernan, chief executive at Lloyd’s, added: “Our market culture is not perfect, but it is very good – and improving.

“At Lloyd’s, we are 100% committed to creating a culture that is objectively excellent.

“We start from a relatively strong position, benchmarked against the wider financial services sector, but it is encouraging that we remain clear-eyed about where we must do better.”

Tiernan added that honest self-criticism and a focus on outcomes would be critical to attracting and retaining talent and ensuring the long-term relevance of the insurance industry.

Lloyd’s said it would continue to use the five-point performance scale of excellent, very good, good, fair and poor in future surveys to track progress against its cultural ambitions.