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Some 480 employees working in the Lloyd’s of London insurance market have witnessed sexual harassment, and almost a quarter have seen people at their firms ignore inappropriate behavior, according to a culture survey released by Lloyd’s on Tuesday.
Only 41% of those who raised a concern felt they were listened to and taken seriously, while one in four respondents said they have seen people in the market drinking excessively in the past year, the survey found.
Lloyd’s commissioned the Banking Standards Board to conduct the survey in the wake of reports of sexual harassment in the market earlier this year.
Just 45% of respondents said they felt comfortable raising concerns in the Lloyd’s market, while 38% said they did not even know who to raise concerns to, according to the survey findings.
For every question, women’s answers reflected a more negative experience than men’s, Lloyd’s said.
Of the 6,003 respondents to the survey, 60% were men and 35% were women, Lloyd’s said.
“I am determined that we create a working environment at Lloyd’s where everyone feels safe, valued and respected. Cultural change takes time, but we have to accelerate progress and the measures announced today are intended to do just that,” Lloyd’s CEO John Neal said in a statement.
A series of measures intended to drive further cultural change, including new business conduct standards informing individuals and firms of what it expects from them and the consequences of failing to meet them, were also announced by Lloyd’s on Tuesday.
An independent expert advisory group, chaired by Fiona Luck, a Lloyd’s board member is being set up to lay out metrics and inform on further steps, Lloyd’s said in the statement.
A culture dashboard with CEO responsibility will also closely monitor progress in the Lloyd’s market from the second quarter of 2020, Lloyd’s said.
The initiatives include a gender balance plan that sets out clear and measurable targets for improving the representation of women at senior levels within the Lloyd’s market, Lloyd’s said. One in five respondents to the culture survey said they do not believe people working in the Lloyd’s market have equal opportunities.
The measures add to already announced steps by Lloyd’s to deal with harassment, such as a bullying and harassment hotline and sanctions, including potential lifetime bans.
Two executives of U.K.-based insurer Tokio Marine Kiln Group Ltd. at Lloyd's of London have resigned following allegations of sexual harassment, Bloomberg reported citing sources. Several current and former employees at Tokio Marine recently complained about incidents of racial abuse, intimidation, victimization, unwanted attention and bullying at the insurer, the sources said.