Facility gives Lloyd’s underwriters scope to experiment with new risks
A group of Lloyd’s underwriters have launched a new facility for emerging risks.
The product innovation facility has £53m of capacity behind it and is led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo.
The facility will allow the market to trial new types of insurance for complex and non-standard risks, including intangible assets, supply chain risks, and mishaps caused by artificial intelligence.
It is aligned with the Future at Lloyd’s strategy, with Lloyd’s chief executive John Neal recently saying Lloyd’s risked becoming “irrelevant” if it didnt keep up with changes in technology. Through this facility he said the market is committed to nurturing a “safe space” for underwriters to experiment with new ideas.
“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,” Neal said.
“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.”
The facility is backed by the Lloyd’s innovation team, and is still open to other market participants to join.
Thomas Hoad, head of innovation at Tokio Marine Kiln, said: “We are fully supportive of the product innovation facility and we invite risk managers, brokers and other interested parties to contact and collaborate with it.
“By accessing the best ideas and data from the Lloyd’s market, the group will bring forward new solutions for nascent risks, in direct answer to clients’ evolving needs.”
And Tina Kirby, head of innovation and product development at Beazley, added: “The Lloyd’s market has always been at the forefront of innovation and syndicates work on new solutions for their clients daily.
“This initiative is to promote and facilitate collaborative innovation where non-standard risks might require different thinking and expertise.”
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