Minister of State Troy welcomes Lloyd's of London in Ireland for event highlighting Lloyd’s Lab Accelerator

Lloyd’s in Ireland: Risk, Innovation & Economic Resilience

Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy TD, attended an event today in the Iveagh House ballroom in Dublin highlighting the achievements from the most recent Cohort (Cohort 16) of companies to take part in Lloyd’s of London’s Lloyd’s Lab Accelerator Programme.

The Lloyd’s Lab Accelerator Programme is a 10-week product development accelerator

designed to rapidly develop, test, and refine new products, concepts, and solutions. With direct support from leading experts in Lloyd’s, the world’s largest insurance and reinsurance market, participants gain unparalleled insights and access to shape commercially viable offerings.

In collaboration with the Department of Finance and Lloyd’s, a dedicated Irish theme featured in the most recent cycle of the Lab, focused on flood resilience, climate adaptation, cyber risk, the application of AI, and export growth and geopolitical risk. The event brought together industry stakeholders, innovators, and policymakers to celebrate and showcase the achievements emerging from the Lab.

During the event, Minister of State Robert Troy was joined by a range of stakeholders from the insurance sector in a panel discussion on economic resilience, innovation, and risk in Ireland, including Patrick Tiernan, CEO of Lloyd’s. This was followed by presentations from Lab participants outlining their achievements through the programme. More panel discussion focused on the role of the insurance sector in supporting and enabling economic growth.

The event highlighted the importance of innovation and the partnership developed between the Irish Government and Lloyd’s of London, and reflects a shared commitment to supporting innovation, strengthening resilience, and enhancing the insurance sector’s ability to evolve in response to emerging risks.

Minister of State with responsibility for Financial Services, Credit Unions and Insurance Robert Troy TD said:

“I welcome the strategic partnership between the Department of Finance and Lloyd’s of London. Lloyd’s underwriters have a long history of writing insurance business in Ireland and have demonstrated a strong commitment to supporting growth in an increasingly interconnected global economy.

Through the Lloyd’s Lab, Irish innovators had access to world-class expertise and support to develop new insurance solutions that strengthen competitiveness, encourage innovation, and enhance economic resilience. The inclusion of a dedicated Irish cohort in the Lloyd’s Lab Accelerator programme offered a valuable opportunity to showcase the creativity, expertise, and ambition of Irish companies on a global platform.

I look forward to seeing the future progress of the participating companies at the Lloyd’s Lab. By aligning with the Action Plan for Insurance Reform, as well as the Ireland for Finance Strategy, this collaboration with the Lloyd’s lab Accelerator demonstrates Ireland’s unique position as a hub for insurance innovation.”

Patrick Tiernan, Chief Executive, Lloyd’s said:

“Innovation is critical to building resilience and supporting sustainable economic growth. Through the Lloyd’s Lab Accelerator Programme, we’ve connected ambitious innovators with the expertise of the Lloyd’s market to help develop solutions to some of today’s most pressing challenges, including flood resilience, cyber risk and the responsible application of AI. It was a pleasure to showcase that progress in Dublin and strengthen our partnership with Ireland’s thriving insurance and innovation community. Together, we can help bring forward the ideas and capabilities needed to tackle the risks shaping our future.”