Lloyd's of London confirms emergency trading plan in case of COVID-19 disruption

The world's oldest insurance market, Lloyd's of London, has plans to ensure business continuity even if it receives official guidance to limit access to its iconic City of London headquarters due to the ongoing coronavirus outbreak.

Together with the London & International Insurance Brokers Association and the Lloyd's Market Association, the market has emergency trading protocols in place that will allow it to remain open. These encourage electronic placing in the first instance.

“Within Lloyd’s, we have made preparations to protect employees’ health and business continuity in a variety of what / if scenarios. We will only escalate our advice when and if required. Our daily business continuity planning meetings continue and we are in contact with other employers in the market,” said an official notice issued by Lloyd’s in view of COVID-19.

In line with current guidance, the market has not changed its London building access or restricted the number of attendees per meeting – but this is of course under continual review, it said. The market said it will continue to work normally and its offices remain open unless and until there is a marked change in threat levels and government advice.

In coronavirus-hit China, the Shanghai and Beijing offices of Lloyd’s are now on a phased plan to being fully open. Meanwhile, in Italy, its office remains on a rota with approximately one-third of employees in the office and two-thirds working from home.

Lloyd’s offices in Singapore and Hong Kong resumed regular operations on 2 March.

Source: Asia Insurance Review