The COVID-19 pandemic has shown that working from home is a possible alternative to the office. Additionally, automation has continued to accelerate.

Lloyd's, which insures complex risks ranging from oil rigs to the legs of footballers, is increasingly shifting its operations away from the underwriting floors in the Lloyd’s building. As a result of these developments, the company is considering a number of options for its workplace strategy and the related changes concerning the leasing arrangements of the Lloyd's building.

Chinese insurer Ping An bought the Lloyd’s building in 2013 and the lease expires in 2031, but there is an exit clause for 2026. Plans for how Lloyd’s will deal with these changes are expected to be unveiled as early as 2022.