The Lloyd's of London Ltd [SOLYD.UL] insurance market is planning to launch...
LONDON - The Lloyd’s of London Ltd [SOLYD.UL] insurance market is planning to launch two electronic exchanges next year as part of a three-year overhaul, it said on Monday, as it seeks to fend off competition from low-cost rivals.
It has been moving slowly to process some of its trades online, but much business is still done face-to-face in Lloyd’s City of London tower. One of the new electronic exchanges will focus on simpler risks and the other on more complex risks, with “early builds” of both in place by December 2020, Lloyd’s said. Improved technology will be rolled out in 2021 and 202.
Lloyd’s is also pushing its members to improve their underwriting performance, and Neal told an event to launch the detailed strategy that the market expects a combined ratio below 100% for 2019, which indicates an underwriting profit.
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