Overview
Lloyd’s has shared the results from the 2025 Lloyd’s Market Policies and Practices (MP&P) return with market firms, which shows continued progress towards an inclusive and high-performance culture.
Running for the sixth year, the 2025 market return showed a more diverse workforce with firms taking action to attract talent into insurance and foster inclusive and high-performance cultures:
- Gender balance in the Lloyd’s market workforce increased +1 percentage point (pp)to 44% women.
- The proportion of women in leadership roles increased +1pp to 36%, with improvements across all three leadership levels (boards, executive committees and direct reports to executive committees).
- 22% of new hires in the last year came from an ethnically diverse background, an increase of +1pp. This contributed to representation of ethnic diversity in the market workforce increasing by +1pp to 14% and the proportion of leaders who are ethnically diverse increasing +3pp to 12%.
- 78% of firms participated in market-wide outreach to attract talent to careers in insurance, a key focus to ensure the market has the talent it needs to thrive.
- 70% of firms provided training on inclusive behaviour to employees and 65% trained their leadership population in the last 12 months, showing a focus on building cultures where everyone can contribute.
- More firms have adopted inclusive hiring practices to open up access to a broader talent pool, focusing on the essential skills needed.
Lloyd’s longstanding commitment to build and maintain an inclusive and high-performance culture continues to drive progress towards that ambition.
Mark Lomas, Lloyd’s Head of Culture
“The data provided by the return gives significant insight that can be used to ensure we are attracting talent from all communities and further enhance the practices across the market which are crucial to Lloyd’s long-term success.” (see 1/1 Reinsurance Renewals: Capacity Expands, but Underwriting Discipline Holds).
Key points from Lloyd’s 2025 Market Policies and Practices return
For Lloyd’s to be a destination of choice for global talent the focus remains on facilitating a high-performance culture that attracts and retains the best talent from all backgrounds through:
- Embedding oversight of culture and providing support through Lloyd’s culture upskilling programme
- Engaging with market firms to develop the underwriting talent pool
- Focusing outreach and talent programmes on key skills and capabilities the market needs to grow and innovate
- Maintaining support for women to progress into leadership positions
Gender
Lloyd’s continues to make progress. There are 36% women in leadership positions, an increase of +1pp from last year. There were improvements at all leadership levels, with women making up 27% of Boards (+2pp), 31% of Executive Committees (+3pp) and 38% of Direct Reports to Executive Committee (+2pp).
Of the 63,000 people that the return covers, women now make up 44% of the total workforce (+1pp) and in 2024, 45% of new hires were women.
The Gender Pay Gap continues to reduce, with the average for market firms 31%, a reduction of -3pp. This is a lagging indicator which shows the increase of women in leadership positions is flowing through reductions in the gender pay gap (see Global Reinsurers to Maintain Strong Profitability in 2025).
Ethnicity
Lloyd’s ‘one in three’ hiring ambition showed progress, with 22% of new hires in the last year coming from an ethnically diverse background, an increase of +1pp, and at early careers level, 29% of graduates and apprentices hired had an ethnically diverse background, an increase of +2pp.
This progress has contributed to a continued increase in ethnically diverse representation in the market workforce up to 14%, +1pp from last year, and +5pp over three years.
Ethnically diverse representation in leadership positions increased +3pp to 12%.
Disability, Sexual Orientation, Age and Social Mobility
Diversity data collection increased for other characteristics and showed 2% of employees disclosed a disability, long-term illness or health condition and 2% of employees disclosed they are LGB+, consistent for the fourth year (see London Re/Insurance Market Strengthens Digital & Enhanced Underwriting).
Age data shows the proportion of the market under 30 years of age is 24% and 52% are under 40 years.
Collection of social mobility data increased with 26% of firms collecting data on socio-economic background and 32% of firms collecting schooling, however disclosure rates mean it is not yet representative to report.
Early indications reinforce the importance of opening up access to career opportunities in insurance to a broad talent pool.
Attracting talent to insurance
The volume of hiring was lower in 2024, with 11,443 new hires, down from 12,215 the previous year. 950 graduates and apprentices were hired.
78% of firms participated in market or industry-wide outreach to attract talent to careers in insurance in the last year.
This includes outreach activity via Lloyd’s, the London Market Group’s Futures Academy, The Lloyd’s Market Association (LMA), LIIBA and others. 71% of firms also work with outreach partners at a firm level, reflecting a significant effort from across the market to attract talent into the industry that may not naturally find their way into insurance.
Practices to support high-performance and inclusive cultures
In the last 12 months, 70% of firms provided training on inclusive behaviour to employees and 65% trained their leadership population, while 64% provided training to employees on speaking up and psychological safety.
This shows a focus on building cultures where diverse perspectives are shared and everyone can contribute.
This is complimented by firms fostering inclusive behaviour through communication, policy and feedback. Lloyd’s measures inclusion through the Culture Survey, which will run later in 2025.
More firms have adopted inclusive hiring practices to open up access to a broader talent pool, focusing on the essential skills needed (73%, +13pp), having a consistent selection process for all candidates (94%, +9pp), providing inclusive hiring training (83%, +8pp), and using inclusive language in job descriptions (92%, +7pp).
FAQ
Women make up 44% of the total workforce, an increase of 1 percentage point (pp). In 2024, 45% of new hires were women.
Yes, the average gender pay gap for market firms decreased to 31%, down 3pp. This reflects the growing number of women in leadership positions.
Lloyd’s ‘one in three’ hiring ambition made progress, with 22% of new hires from ethnically diverse backgrounds (+1pp). At the early career level, 29% of graduates and apprentices hired were from ethnically diverse backgrounds (+2pp).
2% of employees disclosed a disability, long-term illness, or health condition.
2% identified as LGB+.
24% of the workforce is under 30, and 52% is under 40.
Social mobility data collection increased, but disclosure rates remain low.
There were 11,443 new hires, down from 12,215 in 2023. This included 950 graduates and apprentices.
78% of firms participated in market-wide outreach initiatives.
71% engaged with outreach partners to attract diverse talent.
Efforts include partnerships with Lloyd’s, LMA, LIIBA, and other industry groups.
70% of firms trained employees on inclusive behavior.
65% provided leadership training on inclusion.
64% trained employees on psychological safety and speaking up.
More firms are adopting inclusive hiring practices, ensuring fair selection processes and using inclusive language in job descriptions.
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AUTHOR: Mark Lomas – Lloyd’s Head of Culture
