UK Volume 20 Superbrands UK Annual Vol.20 Lloyd’s Recent studies include Lloyd’s City Risk Index, a partnership with the Cambridge Centre for Risk Studies, which quantifies the amount of annual GDP at risk in 279 cities from 22 threats. In addition, the 2018 Lloyd’s report, A World at Risk, calculates how much of the world is underinsured and is therefore exposed financially to natural catastrophes. Lloyd’s also publishes reports on emerging risks for all its stakeholders including customers. Recent topics cover cyber attacks, the sharing economy, the internet of things and virtual reality. By scanning the horizon, Lloyd’s keeps its customers informed of emerging threats and trends, ensuring they can focus on the future with confidence, safe in the knowledge that Lloyd’s is protecting them every step of the way. Brand Values Lloyd’s key brand values are Trust, Modernity, Innovation, Expertise and Global. Lloyd’s is clear about its aim to be the global centre of specialist insurance and reinsurance; meeting the challenges of a changing world and accessing the major overseas territories and emerging markets. As the world’s specialist insurance and reinsurance market , Lloyd’s provides the complex and critical insurance needed to underwrite human progress Market Lloyd’s is a unique insurance market with an unrivalled concentration of specialist underwriting expertise. The market comprises more than 50 leading insurance companies, more than 200 Lloyd’s-registered brokers and a global network of almost 4,000 insurance agents (coverholders) licensed to write insurance on Lloyd’s behalf. Through this network, Lloyd’s does business in more than 200 countries and territories around the world. Lloyd’s has been able to retain its pre-eminent position in global insurance due to a combination of its internationally recognised and respected brand, its underwriting expertise, its global network, a unique working culture and a continual commitment to innovation. As risks evolve and emerge, the breadth, depth and responsiveness of the Lloyd’s market gives customers the confidence to move forward in the face of uncertainty. Lloyd’s aim is to remain the global centre for specialist insurance and reinsurance for many years to come. Product At Lloyd’s, customers have access to the combined scale, expertise and capacity of the entire insurance market – which contains large international organisations to smaller specialists. Much of the business is carried out on a subscription basis, meaning risks are shared between multiple insurers. These insurers cover some of the world’s most complex risks – everything from shipping, aviation and pandemics to nuclear, political risk and cyber. The Lloyd’s market has always been at the forefront of its industry, pioneering new forms of protection for a rapidly changing world. Its market’s underwriters and brokers are among the very best in the world, anticipating and responding to new and emerging risks and using state-of-the-art modelling to create specialist products and solutions. For example, Lloyd’s is now the world’s largest cyber insurer, it insures businesses who are part of the sharing economy, space travel and more, giving companies the confidence to drive social progress and economic development. Lloyd’s is proud of its reputation for paying valid claims. In 2017, Lloyd’s paid around £18.5bn in claims including for the Californian wildfires and the hurricanes that hit the US and Caribbean. Between 2012 and 2017 Lloyd’s paid £75bn in claims, enabling millions of customers to recover from disasters, and get their lives and businesses back on track. Achievements Originally created to insure shipping ventures more than 330 years ago, Lloyd’s has provided insurance for a huge variety of customers – from Arctic explorers, international aid organisations and space missions to multinational companies and celebrities. Today, as the world becomes more interdependent and society becomes more vulnerable to systemic shocks, Lloyd’s remains well placed to meet the insurance needs of the global economy with significant operations in the US and Europe. It also has operations in Singapore, Shanghai, Beijing, Tokyo, Dubai and Latin America, and recently opened its first office in India. Recent Developments In 2018, Lloyd’s launched a new technology accelerator – the Lloyd’s Lab. This is a physical space in the Lloyd’s building in London, where specially selected technology partners develop new concepts and products that could benefit Lloyd’s market stakeholders, including ways to improve the customer experience, build digital relationships, make use of artificial intelligence and improve data analytics to enhance underwriting, and create ‘smart’ insurance products. In November 2018, Lloyd’s also launched its new subsidiary in Brussels. Lloyd’s Brussels ensures that customers continue to have access to Lloyd’s expertise, products and services after Brexit. Promotion With expertise earned over three centuries, Lloyd’s is a name that resonates with customers beyond its headquarters in London into the US, Europe, Asia, Latin America and the Middle East and Africa. Its reputation for risk expertise is supported by highly respected thought leadership and risk analysis, helping customers to quantify the costs of the threats they face and to understand the insurance solutions available to them. -n 2þ18 tLe Lloyd¸s Qarket insured Will Smith’s bungee jump over the Grand Canyon for US $200m DIDYOU KNOW? Brand History 1688 Lloyd’s coffee house is recognised as the place for obtaining marine insurance. 1774 The modern Lloyd’s is born as it moves to the Royal Exchange and leaves the coffee business for good. 1904 Lloyd’s writes its first motor policy, cementing its reputation for innovation. 1906 Faced with the devastation of the San Francisco earthquake, Lloyd’s underwriter Cuthbert Heath instructs prompt payment: “in full, irrespective of the terms of their policies.” 1911 Lloyd’s writes its first policy for aviation. 1965 The first space satellite insurance is placed at Lloyd’s and in 1984, Lloyd’s launches a successful salvage mission to reclaim two rogue satellites, sending a shuttle and five astronauts into orbit in order to retrieve them. 1999 Lloyd’s Asia opens in Singapore as part of its commitment to develop the insurance industry in new and emerging markets. 2001 The events of 9/11 change the world’s perception of risk forever. It was also Lloyd’s largest-ever single loss, impacting many different classes of business. 2015 Lloyd’s launches its global City Risk Index which found that nearly half the economic risks faced by 301 cities around the world were linked to human made threats. 2016 Lloyd’s expands its award-winning diversity festival across its global network of offices. 2018 Lloyd’s Lab is opened.