The Board of the Lloyd’s Market Association (LMA) has pledged to work actively through a CEO reporting network to tackle sexual misconduct in the market, following the implementation of new inclusivity measures at Lloyd’s.
Lloyd’s said earlier today that it would introduce the new program of measures after the results of its recent culture survey revealed widespread issues regarding sexual harassment and employee wellbeing in the marketplace.
Concerns raised by the survey included the more negative experience of women in the market, a lack of reporting on visible harassment, the wellbeing of staff, and the failure of leadership to fully acknowledge these issues.
The LMA also noted that many survey respondents did not know who to raise concerns to about behaviour in the Lloyd’s market, despite the launch of an independent 24/7 bullying and harassment helpline in April.
It argued that the commitment from the LMA Board would create a “powerful new avenue” through which action can be taken at the highest levels of the market.
“The Lloyd’s market is world-leading in terms of the talent we attract and the opportunities our innovative and dynamic work environment provides,” said Sheila Cameron, LMA’s Chief Executive.
“Although the issues highlighted by the survey are not exclusive to this sector, we must be decisive and thorough in our response, firstly because it is the right thing to do and secondly, failure to act will damage our ability to attract and harness the talent that is so vital to the future competitiveness and success of the market,” she continued.
“I have seen the market change in a positive way in recent years, but this is a journey and there is still some way to go. We must ensure that the actions we now take together will help to regain the trust of the victims of harassment and bullying and will ensure that our market place is equally positive for women and men.”
Cameron further explained: “We are fully supportive of the actions that Lloyd’s has announced in response to the survey. In addition, the LMA Board has today committed to a new initiative that will enable their personal involvement as market leaders in responding to, and eradicating, inappropriate behaviours in the marketplace.”
Andrew Brooks, LMA Chairman and Chief Executive Officer of Ascot Underwriting, also commented: “Any Ascot employee experiencing or witnessing inappropriate behaviour in the marketplace can henceforth report it directly to me, in absolute confidence. I pledge personally to report such incidents to my counterpart at the relevant firm, in order for the firm to deal with the issue appropriately.”
“Everyone must feel comfortable in their workplace and with their colleagues from across the market,” he said, “and no individuals are to be considered above reproach.”
“Together we can stamp out the remaining poor behaviours,” added Cameron. “Today very few people in the Lloyd’s market are willing to stand by silently when unacceptable behaviours are observed. With this constructive resolution we make it very clear that LMA Members will take action at the very highest levels.”
Finally, Christopher Croft, CEO of the London & International Insurance Brokers’ Association (LIIBA), stated: “This report from Lloyd’s comes at an important time. There is no place for bullying or harassment in our marketplace and the expectations are rightly that our market will work collectively to address incidence of poor behaviour.”
He continued: “London’s broking community takes this initiative very seriously and LIIBA is working closely with our members and business partners to take concrete steps for improvement. As part of this, LIIBA has run a number of well-attended workshops on conduct in the workplace and inclusive behaviour. This sort of support is particularly important for our smaller members who don’t have the infrastructure of the larger brokers.”