In disruptive times such as these, where physical distancing is the norm, clear and consistent communication is critical, so I am pleased to contribute to Miller’s North American bulletin and their efforts to keep the lines of communication open and robust.
I am now a little more than one month into my new role as the President and Attorney in Fact for Lloyd’s in Canada. Even remotely, the skill and dedication of the Lloyd’s team both in Canada and at One Lime Street is clearly apparent. The “virtual” transition into the role has certainly been unique and I look forward to the day when I get to see my Toronto office and sit across the table from colleagues and our many stakeholders in Canada and EC3!
Lloyd’s remains the world’s premier insurance marketplace, and Canada is Lloyd’s third largest market globally. In Canada, Lloyd’s is the largest commercial insurer and a market leader in numerous lines of business including casualty, financial lines, and property. There are over 400 coverholders, and another 250 open market correspondents in Canada who place risks with Lloyd’s every day. In a hardening market environment, where the risk appetite of domestic carriers can be limited, the experience, expertise and capacity that Lloyd’s offers is unparalleled. In Canada, Lloyd’s is open for business and on track to record 6% annual GWP growth in 2020.
At Lloyd’s, we remain focused on what matters most: serving our customers and distribution partners. We continue to push for sustainable underwriting profits in order to ensure for our customers a consistency in risk appetite and capacity. Innovation remains a key differentiator of the market, reinforced by work in the Lloyd’s Lab and our Product Innovation Facility on responses to Covid-19 and future pandemics.
Through our comprehensive transformation plan, the Future at Lloyd’s, we continue to push ahead in our efforts to create the world’s most advanced insurance marketplace. In response to global events, we are prioritizing development of the next generation of PPL, building API’s to increase the digital flow of data, launching a virtual underwriting room pilot to complement the physical underwriting room in London, improving the technology and processes for managing delegated authorities and delivering enhancements to our claims value proposition. In Canada, we have invested heavily in artificial intelligence in order to accelerate the attorney in fact signing process and the confirmation of licensed Canadian coverage.
Lloyd’s is committed to improving lives and building resilience on both a national and local scale. This month Lloyd’s issued a white paper presenting solutions for partnership between the global insurance industry and government to fast-track societal and economic COVID-19 recovery and respond to future systemic events. On a local level, Lloyd’s offices throughout the world are coordinating distributions from the $25 million (£15m) fund established by Lloyd’s to support charitable organisations responding to the pandemic. Most importantly, our focus during the coming months and beyond will be on supporting our customers and business partners as we work together in response to the unprecedented impacts of COVID-19.
Allow me to finish simply by wishing all of Miller’s readers good health and best wishes for your families, friends and business colleagues.
Miller in Canada
At Miller, we share Lloyd’s commitment to providing solutions for local businesses and protecting livelihoods during this challenging time. With tough market conditions locally, Miller can now deploy large teams of international brokers in all key classes. This provides Canadian brokers with instant reinforcements from our strong and stable platform. If you have a challenge that needs solving, get in touch with our team today.
