Lloyd’s Fifth Market Policies and Practices Report Shows Progress in Diversity and Inclusion Initiatives

Lloyd’s will continue its work with the market to build a diverse talent pipeline through its outreach activities attracting talent to areas such as underwriting, where there remains under-representation. The focus will remain on enhancing the market oversight framework for culture and increasing diversity data collection.

The recent launch of the Inclusive Futures programme of initiatives will support continued progress in increasing the ethnic diversity of the market, including Board level and early careers talent pools alongside greater market-wide participation in outreach, including the ‘Dive In to Insurance’ outreach opportunities.

Gender 

Lloyd’s has achieved the 35% target it set for women in leadership positions in the market, an increase of +3pp from last year, and +6pp from when the target was set in 2020. There were improvements at all leadership levels, with women making up 25% of Boards (+3pp), 28% of Executive Committees (+2pp) and 36% of Direct Reports to Executive Committee (+2pp). 45% of firms met or exceeded the 35% target, +10pp from last year.

Of the 57,000 people that the return covers, women now make up 43.4% of the total workforce (+0.4pp) and in 2023, 46% of new hires were women.

Ethnicity 

Lloyd’s ‘one in three’ hiring ambition showed progress, with 21% of new hires in the last year coming from an ethnically diverse background, an increase of +4pp. 27% of graduates and apprentices hired had an ethnically diverse background and 32% of firms now have a hiring rate for this group above 30%, an increase of +4pp.

This progress has contributed to a continued increase in ethnic minority representation in the market workforce up to 13%, +2pp from last year, and +4pp over two years. After improvements last year, ethnic minority representation in leadership positions was steady at 9% with developing a diverse talent pipeline for Board roles a particular area of focus.

Disability, Sexual Orientation, Age and Social Mobility

Data collection across other diversity characteristics continues to improve, with 2% of employees disclosing a disability, long-term illness or health problem, unchanged for three years. 2% of employees disclosed they are LGB+, consistent for the last three years.

Increased reporting of age data reveals the proportion of the market under 30 years of age is increasing, and now stands at 24%, with 51% under 40 years of age. Collection of social mobility data also increased with 26% of firms starting to collect this data, although low disclosure rates mean it is not yet representative.