Lloyd's of London updates coronavirus contingency plan

Insurance and reinsurance marketplace Lloyd's of London has updated its contingency plan to ensure business continuity in the event of closures due to the coronavirus epidemic.

The 330 year-old insurance market will encourage electronic placing, it said in a statement.

Together with LIIBA and the LMA, Lloyd's has developed certain "emergency trading protocols" that will allow the market to remain open even if the building shuts down due to coronavirus.

The market has made a push towards electronic trading but most of its business is still carried out on a one-to-one basis.

Lloyd's said that its Italian office staff remain on a rota, with around one-third of employees in the office and two-thirds working from home.

In Singapore and Hong Kong, offices have returned to normal from March 2, and its Shanghai and Beijing offices are on a phased return to normal operations.

Lloyd's said that it has not yet restricted building access or the number of attendees, but the matter remains under continual review.

It stated that unless and until there is a marked change in threat levels and Government advice, Lloyd's will continue to work normally and its offices will remain open.

"Within Lloyd’s, we have made preparations to protect employees’ health and business continuity in a variety of what / if scenarios. We will only escalate our advice when and if required. Our daily business continuity planning meetings continue, and we are in contact with other employers in the market," Lloyd's said in the statement.