Global News - Eight Lloyd's syndicates combine to build disaster resilience
Source: Asia Insurance Review | Jan 2016
Eight Lloyd’s syndicates will join forces to develop new solutions to help developing economies tackle underinsurance and improve their resilience against the economic impact of Nat CATs, Lloyd’s said in a statement.
Having committed US$400 million toward solutions to address Nat CAT risks, the initial group of Lloyd’s syndicates participating in this new initiative are managed by Amlin, Beazley, Hiscox, Mitsui Sumitomo Insurance Group, Nephila, RenaissanceRe Syndicate Management, Tokio Marine Kiln and XL Catlin. However, membership is open to the entire Lloyd’s market and other managing agencies are welcome to participate.
What is key to its effective deployment will be well designed risk sharing initiatives and the diversification of risk, said Lloyd’s.
Protecting economic growth in developing countries
The group has issued an open invitation to work with international organisations including but not limited to the World Bank and the British government’s Department for International Development. It will also look to strengthen its existing ties with several current global initiatives, such as the Insurance Development Forum created by the International Insurance Society.
Mr Tom Bolt, Director of Performance Management at Lloyd’s, said: “This collective initiative means the Lloyd’s market can help provide the insurance solutions needed to build resilience to natural hazards and promote risk awareness around the world. We are keen to work closely with organisations across the globe to help protect economic growth in developing countries.”