Reinsurance News

Lloyd’s outlines plan to address sexual harassment in the market

26th March 2019 - Author: Matt Sheehan

Insurance and reinsurance marketplace Lloyd’s of London has outlined a new plan of action to address reports of sexual harassment in the market and create a “safe and inclusive” working environment.

Lloyd’sThe new proposals are intended to increase reporting, impose strong sanctions on inappropriate behaviour, and promote better understanding and awareness of issues.

They include the provision of an independently managed, confidential access point for reporting inappropriate behaviour, as well as a comprehensive review of policies and practices in the Lloyd’s market.

Lloyd’s will also undertake a market-wide culture survey to identify the scale of the issue and will provide training focused on prevention, as well as supporting those who have been subjected to inappropriate behaviour.

Additionally, it confirmed that individuals found to be at fault will be subject to sanctions from their own companies and also from Lloyd’s, and may be banned from entering Lloyd’s for a fixed period and potentially for life.

Liberty Mutual Reinsurance

This plan was developed in collaboration with and endorsed by Lloyd’s Board and Council, and by the associations representing the Lloyd’s market – Lloyd’s Market Association (LMA) and the London & International Insurance Brokers Association (LIIBA).

The actions are designed to build on previous efforts to support inclusivity, which include a commitment to hear to account of the women who went public with their harassment issues at Lloyd’s, as well as changes to the Lloyd’s Nominations Committee to increase diversity.

To this end, Fiona Luck (Lloyd’s Board) and Vicky Carter (Lloyd’s Council) will join the Committee with immediate effect, succeeding Sir David Manning and Charles Franks.

“It has been distressing to hear about the experiences of women in the Lloyd’s market,” said Lloyd’s CEO, John Neal.

“No one should be subjected to this sort of behaviour, and if it does happen, everyone has the right to be heard and for those responsible to be held to account,” he continued.

“I am pleased that the market has given its full support for a strong set of actions, and I am determined that Lloyd’s offers a safe and inclusive working environment for everyone.”

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