How often must managing agents submit realistic disaster scenario reports to Lloyds?

Managing agents are required to submit realistic disaster scenario reports to Lloyd's on an annual basis. This requirement is in place to ensure that syndicates are assessing and preparing for potential catastrophic events that could impact their underwriting strategies and the overall stability of the Lloyd's market. By conducting these annual reports, managing agents can provide a thorough analysis of possible risks and the effectiveness of their risk management strategies. This helps Lloyd’s to maintain a comprehensive understanding of market exposure and resilience against disasters, thereby enhancing the overall operational integrity of the insurance ecosystem at Lloyd's. The annual submission timeframe balances the need for relevant and current risk assessments while not overwhelming managing agents with excessive reporting frequency.