Airmic: Lloyd’s Product Innovation Facility could break new ground

Airmic has welcomed Lloyd's new innovation initiative which has committed £53 million to product development for complex and emerging risks.

In a statement, Airmic’s deputy CEO and technical director, Julia Graham, commented:

“This initiative has the potential to break new ground, and we applaud Lloyd’s not only for the breadth of what is being considered, but also the extent of collaboration between syndicates to achieve an ambitious but important goal.

“Airmic has been campaigning for meaningful insurance innovation for years and we are hopeful that this will help take forward our recommendations and sow the seed for genuine new solutions coming on the market. As the global centre for specialist risk, Lloyd’s is playing to its strength, and we look forward to supporting this project as it evolves.”

Lloyd’s Product Innovation Facility has committed £53 million of capacity to speed up (re)insurance product development for complex and non-standard risks, including, but not limited to, intangible assets and supply chain risks, or mishaps caused by artificial intelligence.

The market-led solution is led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo.

Lloyd’s said it has committed to nurturing a “safe space” for underwriters to experiment with new ideas in a controlled way, “which balances the need for appropriate oversight with the risk of not innovating fast enough.”

For more information visit: lloyds.com/productinnovationfacility