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Survey sheds light on Lloyd's of London workplace culture

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Survey sheds light on Lloyd's of London workplace culture

Lloyd's of London CEO John Neal pledged to address inappropriate behavior in the marketplace after a culture survey found that 8% of some 6,003 respondents had witnessed sexual harassment over the prior 12 months.

"I am determined that we create a working environment at Lloyd's where everyone feels safe, valued and respected," he said in a statement. "Creating an inclusive marketplace is a priority for Lloyd's and crucial to our long-term success."

Other findings of the survey — commissioned in the wake of reports of sexual harassment in the Lloyd's market — included that women responded more negatively than men to every question asked. One in five respondents do not believe people have equal opportunities regardless of gender, while 24% of respondents had observed "excessive consumption of alcohol" during the past 12 months.

Also, 22% of respondents have seen people turn a blind eye to inappropriate behavior. Only 45% were comfortable raising a concern, and only 41% who raised a concern felt that they were listened to and taken seriously. Roughly one in six respondents do not believe senior leaders in their organization take responsibility, especially when things go wrong.

Lloyd's said measures to address these concerns would be led by a gender balance plan that will look to improve the representation of women at senior levels. The marketplace will also set standards of business conduct requiring everyone under its umbrella "to act with integrity, be respectful and always speak up."

A culture dashboard will be published in the Lloyd's annual report to monitor progress against key indicators of a "healthy culture." Lastly, Lloyd's will form an independent advisory group of experts chaired by Fiona Luck, a Lloyd's board member and nonexecutive director responsible for talent and culture.

Additional measures will be rolled out through 2019 and 2020 to address the four key themes. These include promotional campaigns "intended to increase confidence in speaking up," and awareness of mental health and wellbeing.

The London Market Association, a representative body for the insurance industry in the city, pledged to work actively through a CEO reporting network to tackle sexual misconduct in the market.

"With this constructive resolution we make it very clear that LMA members will take action at the very highest levels," said Sheila Cameron, LMA's chief executive. "Together we can stamp out the remaining poor behaviors."

The LMA board includes 16 CEOs and other senior market leaders from Lloyd's managing agents.