Risk management association Airmic has welcomed the latest initiative by a group of Lloyd’s underwriters.
Lloyd’s new product innovation facility, with £53 million capacity, was designed to speed up (re)insurance product development for new and emerging risks including, but not limited to, intangible assets and supply chain risks, or mishaps caused by artificial intelligence.
Airmic CEO and technical director Juila Graham believes the initiative has the potential to break new ground, commending Lloyd’s for the extent of collaboration between syndicates to achieve an “ambitious but important goal.”
“Airmic has been campaigning for meaningful insurance innovation for years and we are hopeful that this will help take forward our recommendations and sow the seed for genuine new solutions coming on the market,” Graham said. “As the global centre for specialist risk, Lloyd’s is playing to its strength, and we look forward to supporting this project as it evolves.”
Meanwhile, Lloyd’s said the product innovation facility is aligned with its strategy, which is building a new Lloyd’s market that will thrive in the future by providing even greater value to its customers.
“The product innovation facility formalises underwriting at the centre of the Lloyd’s innovation ecosystem,” Lloyd’s innovation head Trevor Maynard noted. “The facility is still open to other market participants to join.”
