Lloyd's to close underwriting room for 24 hours in coronavirus stress test
Market to test its readiness by invoking its emergency trading protocol.
Lloyd’s is ramping up its business continuity preparations with the aim to provide reassurance for the market, employees and customers in case contingency measures due to COVID-19 escalate.
The corporation is set to test the resilience of the market on Friday 13 March by closing the underwriting room at 1 Lime Street in London for 24 hours.
According to Lloyd’s, this will be done in order to test alternative trading protocols.
The corporation explained that its business continuity team has
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
ManyPets confirms social media clone
Pet insurance managing general agent ManyPets has confirmed a customer was contacted by an X account impersonating its brand and has issued a warning on how increasingly convincing scammers can appear.
Aviva responds to Direct Line’s £10.6m fine
Aviva has confirmed it was fully aware of the ‘historical’ accounting errors that have led to the Prudent Regulation Authority hitting Direct Line Group with a £10.6m fine and stated there will be no impact on the integration or the financial benefits it expects from the takeover.
PRA fines Direct Line underwriter £10.6m
The Prudential Regulation Authority has fined UK Insurance Limited, a subsidiary and principal underwriter of Direct Line Group and now part of Aviva, £10.625m for a miscalculation of its Solvency II balance sheet during 2023 and 2024.
Chris Knight succeeds Brewis as FCA insurance director
The Financial Conduct Authority has recruited Chris Knight to take on the director of insurance role within its supervision, policy and competition division starting July 2026.
FCA way off target on insurance new firm authorisation service
New data and goals from the Financial Conduct Authority have revealed the regulator is far behind the target for authorising new insurance firms, with the level of service squarely in the red zone at 81.8%.
FCA sets four targets in its inaugural regulatory priorities report
The Financial Conduct Authority has issued its first regulatory priorities report for insurance as it switches away from penning portfolio letters.
Broker Diversity Push: FOI stats show subtle improvements in broking leadership gender balance
The latest data from the Financial Conduct Authority obtained by Insurance Age via a Freedom of Information request has shown small improvements in five out of six key SMF approved functions.
Further increase in FCA insurance S166s
The Financial Conduct Authority hit the insurance sector with three skilled person reports in the third quarter, taking the running total for the financial year to six.