How Lloyd’s aims to serve risk managers at Airmic Fest and beyond

This year’s virtual Airmic Fest, running from September 22 to 24, will be a very different event from its usual annual conference. However, all the important features of the physical event still exist, including a virtual exhibition area, CPD sessions, panel discussions and networking opportunities.

Lloyd’s will be playing a key role in all these aspects of the conference, as Keith Stern, UK & Ireland Regional Manager, Lloyd’s, explains.

What does Lloyd’s have in store for this year’s Airmic conference?
We are hosting a virtual stand and we welcome Lloyd’s market practitioners from Asta, Hiscox, Miller, Tysers and the Lloyd’s Market Association who are supporting the Lloyd’s presence at the conference.

At 11:30am on Wednesday September 23 our Innovation Team is hosting an “on demand” session, “Protecting intangible assets: reputational risk management in practice”, and at 09:45am on Thursday September 24, I am taking part in the seminar panel which will be debating “The Brexit clock is ticking: what the final months of negotiations will mean for the insurance market”.

The Brexit seminar will provide an opportunity for an update on the latest developments with our European trading platform headquartered in Brussels.

What events and topics are you most excited about and why?
We are excited that our CEO, John Neal, is on the 11:30am panel on September 24, which will debate “The future of catastrophe risk financing: a lethal cocktail or the perfect tonic?”.

The insurance industry faces technological challenges and structural change and is operating in an environment where it is increasingly difficult to quantify risks.

The insurance industry and global markets are struggling to cope with the magnitude of high impact/low frequency events and this will be a fascinating panel discussion where delegates will find out what the insurance industry can do to ensure that it is fit for purpose and continues to meet the needs of its customers.

What do you hope attendees will get out of these events?
Virtual conferences are a fantastic substitute for traditional conferences and no doubt the two types of conference will sit alongside each other in years to come. Virtual conferences allow delegates to dip in and out of presentations and seminars and for some it provides an opportunity to attend an Airmic event that perhaps might not previously have been possible.

Without the face-to-face contact networking can be quite challenging so we hope attendees will use Airmic Fest to network with the insurance industry and with each other as much as they can.

We welcome a high level of contact and hope that the “get in touch” box and the “chat” box on the Lloyd’s virtual stand receive a high level of enquiries and activity.

How have the events of 2020 shaped your offering at the conference, and the way it will be delivered?
Naturally we have adapted our presence to the virtual conference format as all exhibitors have had to. We expect that the issues delegates want to talk about will be related to the effects of the pandemic and we have experts and market practitioners on hand to advise them on this subject as well as on a range of products from cyber, captives, reputational risk, property, casualty, mergers and acquisitions, supply chain, to professional and special risks, etc.

What issues has 2020 raised for risk managers and how is Lloyd’s responding?
This has been an unprecedented year and 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.

With the spread of coronavirus causing global concern, Lloyd’s set up a dedicated contact point to provide our policyholders with assistance and to help them find the right person to process a claim.

When delegates visit the Lloyd’s stand in the exhibitor zone they will also have the opportunity to read about Lloyd’s proposals to protect the global economic recovery and help society to build resilience.

COVID-19 has resulted in a humanitarian crisis on a scale the world was underprepared for. Society has responded collectively, with businesses, charities, communities and governments working together to tackle the health crisis, provide financial support to workers and companies, and bolster economies.

Lloyd’s report “Supporting Global Recovery & Resilience for Customers & Economies”, released in July this year, proposes several solutions that could offer customers greater protection against a future wave of the COVID-19 pandemic or even against future systemic risks.

The report also outlines additional ways Lloyd’s and the global insurance industry could respond to protect customers.

What plans does Lloyd’s have to meet risk managers’ needs in the coming year?
This year Lloyd’s published a report in collaboration with KPMG urging businesses to pay attention to the new risk landscape that has evolved under COVID-19.

“Protecting intangible assets: preparing for a new reality” looks at the increasing value of and dependence upon intangible assets, and the role of risk managers and the insurance industry in protecting them.

COVID-19 has disrupted global supply chains, it has changed working arrangements, businesses’ ability to trade, and consumer behaviours. The new report looks at how COVID-19 has increased companies’ exposure to new risks, many of which implicate the intangible assets held by businesses.

With unprecedented scrutiny on firms’ behaviour, reputational issues are just one of many posing a threat to firms’ resilience during the pandemic. For businesses to stay resilient, operationally and financially, awareness of what intangible assets are and how they can be protected is critical and must form a considerable part of their risk management strategy.

In the face of these amplified challenges, the Lloyd’s market is developing products to help organisations mitigate their exposure to risk, and the report outlines a range of examples of products already available in the market in response to the risks posed to reputation, human capital and intellectual property.

It highlights the vital role the insurance community has to play in helping organisations manage these challenges so that they are better prepared to protect their assets.

In addition to the protection of intangible assets, climate change and renewable energy continue to be hot topics and this year Lloyd’s has released a series of three reports on the renewable energy sector, in association with researchers from Imperial College London’s Centre for Energy Policy and Technology (commissioned via Imperial Consultants), which analyse the implications of the changes to the energy generating landscape for insurers, risk managers and brokers.

The “Key trends and territories” report provides an overview of energy market developments in the renewables sector, outlines the prospects for renewables in general and details national developments. The “Risks and technologies” report outlines the risks associated with a range of established and emerging renewable energy technologies and explains how Lloyd’s is responding to them.

The “Integrating renewables into grids and the role of energy storage” report provides a deep dive into renewables integration and energy storage technology development.

All reports showcase Lloyd’s transfer solutions in the renewable energy space. In the next 12 months the Lloyd’s Innovation Team, in partnership with Lloyd’s market practitioners and the Lloyd’s Lab, will continue to explore new and existing categories of risk and help develop solutions to meet our customers’ insurance needs.

Beyond the conference, does Lloyd’s have any further plans for engaging/collaborating with Airmic/risk managers over the coming year?
We have an innovation webinar planned for Airmic fastTrack in October and we continue to support the Academy Programme as we have done throughout the year.

In February 2021 we are planning to re-run our very successful Field Trip to Lloyd’s that took place in January this year.

COVID-19 permitting, it will be great to have an inwards visit from Airmic members which will bring to life the experience of visiting the Underwriting Room and the Lloyd’s Lab.