Lloyd’s insurance-based index delayed due to Brexit

The release of Lloyd's much anticipated insurance-based index has become a casualty of the UK’s vote to leave the EU.

The market blamed a need to prioritise resources and the demands of current market conditions for the decision to put the launch of the index on hold.

The Lloyd's Index, first announced in December 2015, was planned to be released sometime in the middle of 2016.

The index is designed to provide insight into the performance of the market and provide managing agents, brokers and other insurers with new options for managing risk.

It was intended to form the basis of index-related products that could attract the interest of wider capital markets.

A spokesperson at Lloyd’s said: “In light of the immediate focus Lloyd’s must give to the implications of Brexit as well as the ongoing demands of current market conditions, the Franchise Board and Council have decided to put the launch of the index on hold for the next few months. The corporation is conscious that we must prioritise our resources appropriately and focus on our preparedness for a changing environment.”