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

Airmic has strongly welcomed Lloyd’s Product Innovation Facility launched today, the association has said.

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 new initiative 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. Click here to read the press release.

Airmic is the UK association for risk and insurance buyers. The annual insurance spend of its members is over £8 billion.

FOR FURTHER INFORMATION

Please contact Jessica Titherington, +44(0)7733 261445, jess.titherington@airmic.com