Lloyd's of London wants third of market's new hires to be ethnic minorities
Reuters
Published Sep 17, 2021 10:46
Updated Sep 17, 2021 10:56
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.
Nearly 50,000 staff are employed in Lloyd's underwriting and broking firms, which arrange specialist risks from oil rigs to footballers' legs.
Currently, only 8% of the market comes from an ethnic minority, according to Lloyd's data. At the Corporation of Lloyd's, which oversees the market, the figure is 22%.
Lloyd's said in a statement that its "ambition" was that a third of all new hires should come from ethnic minority backgrounds, at all levels including leadership.
"Almost certainly, quite a lot of ethnic minorities aren't that interested in insurance and not particularly interested in exploring insurance as a career," Lloyd's chairman Bruce Carnegie-Brown told Reuters.
"Even those that are might not think that they'd be welcome. We need to work in a different way to make ourselves more accessible and more interesting."
Lloyd's also said it would mandate the collection of ethnicity data across the market. Only 74% of firms currently provide that data.
Lloyd's has been seeking to improve its reputation on diversity and inclusion in recent years, after admitting the market had problems with sexual harassment and daytime drinking.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.