Insurance Jottings
Lloyd’s closes the Underwriting Room
Insurance market Lloyd’s of London closed its Underwriting Room from 4 pm on the 19th March because of the coronavirus crisis.
On the 13th March it closed its Underwriting Room, which is at the heart of its Lime Street headquarters, to simulate a shutdown and test its contingency systems.
Lloyd’s has been trying to push the market to move online in recent years, but much business is still carried out on a face-to-face basis.
Lloyd’s chief executive Jon Neal said the test of its emergency trading protocols had been successful and “should provide confidence in our collective ability to trade electronically”.
Mr Neal said footfall in the underwriting room was 5,000 on a typical day, but said this fell to 1,000 on the 16th March, and under 200 on the 18th March.
He said Lloyd’s executive committee had decided to close the Underwriting Room as most insurers had put in place remote working and in light of government advice to practise social distancing to avoid spreading coronavirus.
“We have taken this decision with a heavy heart and a commitment to review the situation on a weekly basis,” Mr Neal said. “The Lloyd’s building at One Lime Street will remain open for tenants, although this may change in the future.”
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