COVID-19: Lloyd’s announces plans to stress test the market and Corporation resilience
Lloyd’s announced (12th March 2020) a ramping up of business continuity preparations and reassurance for the market, employees and customers in the event of an escalation of contingency measures due to COVID-19.
Lloyd’s will test the resilience of the market on Friday 13th March by closing the Underwriting Room at 1 Lime Street in London for 24 hours in order to test alternative trading protocols.
The measures announced include:
Lloyd’s business continuity team has assessed the Lloyd’s market’s readiness to continue trading if the Underwriting Room needs to be closed at any point. Lloyd’s now proposes to stress test this.
- For 24 hours on Friday 13th March (midnight – midnight) Lloyd’s will close the Underwriting Room in London and invoke its Emergency Trading Protocol.
- This 24-hour exercise will provide valuable information on the real-life effectiveness of the protocol. Relevant regulators have been informed of these plans.
- Additionally, Lloyd’s will take this opportunity to deep clean the Underwriting Room and all public areas in the Lloyd’s building.