Airmic Issues Statement on Lloyd’s Product Innovation Facility Could

LONDON, England, June 26 -- Airmic issued the following statement by Julia Graham, deputy CEO and technical director, on Lloyd's product innovation facility:

"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 pound sterling53 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 (https://www.lloyds.com/news-and-risk-insight/press-releases/2019/06/lloyds-underwriters-team-up-to-insure-the-uninsurable) to read the press release.

Airmic is the UK association for risk and insurance buyers. The annual insurance spend of its members is over pound sterling8 billion.