COVID-19: Lloyd’s announces plans to stress test the market and Corporation resilience

Lloyd’s announced a ramping up of business continuity preparations and reassurance for the market, employees and customers in the event of an escalation of contingency measures due to COVID-19.

Lloyd’s will test the resilience of the market on Friday 13 March by closing the Underwriting Room at 1 Lime Street in London for 24 hours in order to test alternative trading protocols.

The measures announced  include:

Lloyd’s market

Lloyd’s business continuity team has assessed the Lloyd’s market’s readiness to continue trading if the Underwriting Room needs to be closed at any point. Lloyd’s now proposes to stress test this.

• For 24 hours on Friday 13 March (midnight – midnight) Lloyd’s will close the Underwriting Room in London and invoke its Emergency Trading Protocol.
• This 24-hour exercise will provide valuable information on the real-life effectiveness of the protocol. Relevant regulators have been informed of these plans.
• Additionally, Lloyd’s will take this opportunity to deep clean the Underwriting Room and all public areas in the Lloyd’s building.

Customers

The Lloyd’s market is committed to being there when our policyholders need us the most. That means paying all valid claims as quickly as possible. In addition, Lloyd’s has set up a dedicated contact point to provide our policyholders with assistance and to help them find the right person to confirm cover or process a claim – this is available at coronavirus@lloyds.com.