Inga Beale News

Lloyd’s Lab Begins Global Search for Insurtech Talent

Lloyd’s Lab, the global insurance market’s new innovation sandbox, is launching a global search for tech talent to partner with the Lloyd’s market and develop solutions for its unique and rapidly changing needs. In order to support its digital evolution, …

London Market Single Claims Agreement Launched to Improve Claims Handling

The London market has launched a simplified system for claims handling in an effort to improve client service and streamline claims agreement across the London market. The Single Claims Agreement is designed “to enable quick and efficient authorization of claims …

London Financial Industry Welcomes Brexit Breakthrough but Won’t Alter EU Plans

London’s financial industry welcomed progress on a divorce deal with the European Union on Friday but said it saw little reason to alter preparations for when Britain leaves the EU. The agreement on Friday paves the way for arduous trade …

Lloyd’s Pays Claims of $1.7B for Hurricanes Harvey, Irma & Maria – So Far

The Lloyd’s market has paid claims worth US$1.7 billion, to date, in response to Hurricanes Harvey, Irma and Maria. Earlier this year Lloyd’s estimated a total commitment of US$4.8 billion for the three storms. Lloyd’s brokers are receiving money from …

Insurers, Tech Firms ‘Must Work Together’ to Tackle Emerging Technology Risks

The World Economic Forum is bringing insurers, tech firms and governments together to find ways to tackle risks from new technology such as drones and driverless cars, it said on Thursday. Tech firms have moved fast to develop new products, …

Update: Lloyd’s of London Reports 16% Drop in H1 2017 Profit to $1.6B

Lloyd’s of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would eat into the insurer’s capital and hit its profitability. Although losses from natural catastrophes have been low in recent years, including in …

Major Cyber Attack Could Cost Global Economy $53 Billion: Lloyd’s

A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as U.S. Superstorm Sandy in 2012, Lloyd’s of London said in a report on Monday. …

Businesses Underestimate Long-Term Effects of Cyber Attacks: Lloyd’s Report

Businesses could face a much higher bill than they expect or are prepared for after falling victim to a cyber-attack, according to research from Lloyd’s in association with KPMG and legal firm DAC Beachcroft. As businesses increasingly become the target …

Lloyd’s to Cut 10% of UK Employees on Soft Market Pricing Pressures

Lloyd’s of London is planning to cut 10 percent of its staff in the UK as the world’s oldest insurance market looks to streamline operations and reduce costs amid continued pricing pressure on its members. Lloyd’s plans to introduce a …

Existing EU Contracts Must Be ‘Grandfathered’ After Brexit to Avoid Complexity: Lloyd’s CEO Beale

Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd’s of London Chief Executive Inga Beale said. The Lloyd’s of …