If the Lloyd’s insurance business model is going to survive, it needs to adapt to today’s digitized world, suggests the CEO of a large global insurer. “The Lloyd’s marketplace is important to the industry but it has longer term structural issues, in my mind, that it ultimately has to address,” said Evan Greenberg, chairman, president and CEO of Zurich-based Chubb Limited , during a recent earnings call. Greenberg noted that in the Lloyd’s marketplace, underwriting decisions are made by the individual syndicates. When placing insurance in the Lloyd’s market, business is often done face-to-face, Lloyd’s observes in its annual report for 2017, released this past March. The Lloyd’s business model “worked very well before a globalized world and before a digitized world and I think the world has changed,” Greenberg said Oct. 15 during Chubb’s conference call discussing its third-quarter financial results. “I think the model, to survive and to remain as robust, has got to adapt. Its cost ...
