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Lloyd’s of London wants third of market’s new hires to be ethnic minorities By Reuters


© Reuters. FILE PHOTO – A man leaves Lloyd’s of London’s Headquarters in the City of London on July 31, 2018. REUTERS/Simon Dawson/File Photo

LONDON (Reuters) – Lloyd’s of London wants the commercial insurance market to recruit a third of its workforce from ethnic minorities, it said on Friday, as it attempts to improve diversity.

The Lloyd’s broking and underwriting firms arrange special risks, from footballer’s legs to oil rigs. Nearly 50,000 people work in the Lloyd’s brokerage and underwriting companies.

Lloyd’s data shows that only 8% comes from ethnic minorities. The figure for the Corporation of Lloyd’s overseeing the market is 22 percent.

Lloyd’s declared in a statement that the company’s “ambition” was for a third to be ethnic minorities at all levels of leadership.

According to Lloyd’s Chairman Bruce Carnegie-Brown, “Almost certain” that many ethnic minorities don’t care about insurance or aren’t interested in studying it as a career.

They might not even think they are welcome. To make ourselves more attractive and accessible, we need to do things differently.

Lloyd’s said that it will mandate ethnicity data collection across the entire market. Presently, only 74% provide this data.

After admitting that the market was plagued by sexual harassment and excessive drinking, Lloyd’s is working to raise its profile on diversity and inclusion.

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