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FinanceLloyd's of London tells staff to work from home this week amid heatwave
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Lloyd's of London has instructed its approximately 1,200 employees to work from home this week as a heatwave pushes temperatures in the Square Mile to 33°C. The historic insurance marketplace, based at One Lime Street, will keep its building fully open with air conditioning available for staff and brokers. Lloyd's has also offered complimentary ice cream and themed refreshments in recent weeks. This follows similar moves by other City firms including JPMorgan Chase, ING, and Deutsche Bank, which relaxed return-to-office requirements during June's heatwave. ING is not repeating the policy this week as no red alert health warning has been issued. A recent ING report warned that European heatwaves pose a growing downside risk to the region's economic output, extending beyond traditional outdoor labor impacts.
Source report
Lloyd's of London has instructed staff to avoid its historic City building as another heatwave is expected to hit London this week.
According to City AM, the world's leading specialist insurance and reinsurance marketplace has encouraged its employees to work from home this week, with temperatures in the Square Mile forecast to reach 33°C.
Around 1,200 employees based at the Lloyd's Building on One Lime Street have been told they may use their own judgment to stay home as temperatures soar. However, the Lloyd's office will remain fully open and offers air conditioning for all staff and insurance brokers.
In recent weeks, as temperatures regularly topped 30°C, the insurance marketplace has provided complimentary ice cream, alongside Wimbledon and World Cup-themed refreshments.
Lloyd's of London, which operates as a marketplace for brokers and underwriters to spread asset risk, is one of the City's oldest firms. Its roots trace back to 1688, when it began as a coffee house frequented by merchants and ship-owners.
ING Advises Return to Office
This week's sweltering temperatures are not the first time Square Mile firms have had to contend with record heat this year.
Last month, City AM reported that firms including JPMorgan Chase, ING, and Deutsche Bank relaxed desk attendance requirements during the June heatwave.
- JPMorgan, which employs over 13,000 staff in London, eased its notoriously strict return-to-office requirements during the high temperatures.
- ING dropped return-to-office requirements last month after the Met Office issued a red alert health warning. However, the Dutch bank is not urging staff to stay home this week, as no such warning is currently in place, City AM understands.
A recent report by ING cautioned that European heatwaves pose a serious risk to the region's economic output. While the impact of high temperatures typically focuses on farmers, builders, and other labourers, the bank warned that heatwaves are increasingly threatening a "new downside risk for the European economy."
Source
City AMWestern
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Lloyd's of London Tells Staff to Work from Home Amid Heatwave