llars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. ♪ isncine: lloyd's of london one of the most famous in the financial world, but one of the least understood. rather than operating as a traditional insurer, the company offers a marketplace. over the years, lloyd's has insured oil rigs, space shuttles, to keith richards fingers and david beckham's legs. today on "leaders with lacqua," we meet the chief executive of lloyd's of london, inga beale. you became chief executive in 2014.

was it easier or harder than expected? inga: two things. it was easier to come in than i expected because people knew me. i worked in insurance for 36 years. i think i underestimate the impact that would have on people accepting me into the role. i already had that respect. they said she knows industry, so i had that respect. that made it easier. but what makes it so tough is the numerous stakeholders. -- you arenticipated running a market that so many people would be interested in what is going on and pulled in so many directions, it always reminded me of going into an old fairground mirror experience, where you look into this weird mirror and it would do all sorts of things, pull you in directions like this. that is how it felt when i started. i thought, what are all these

people and why are they so interested in lloyd's? lloyd's is an amazing 330-year-old institution. operates in 200 countries and territories in the world. you have governments interested in it. ,ou have individuals businesses, scientists, everybody seems to be interested in. ,hat is what i underestimated the complexity of the stakeholder base. i have been trying to manage. francine: is it difficult to change on a diversity level and on the technology level? inga: because the market is made up of syndicates sharing these complex risks that lloyd's does. that means i can't tell them what to do. i have to influence them and bring them along with me if her going to make change happen. there are 80 of these individual businesses. each one has a ceo. because they are not our employees and operating in the

markets, and i want to take the markets forward and introduce technology, new ways of working, changing the environment, making it modern come a dynamic and perhaps get rid of some of the old traditions that i don't think our making it appealing anymore, and to bring all of those businesses with me on this. that has been tough. francine: is that the use of paper instead of using technology, and how difficult is it to change? inga: it is because the business is being done on us identically to the weight it was done 300 years ago. when they were meeting in the house, thefee shipowners and mariners were meeting, and the word underwriter was born in which is almost like original crowdfunding or sharing economy. they got together and said we don't know if it is our ship

that will go down come in so we will pull together and underwrite your cargo. the term underwriter was born. it would have been done on some form of paper, and we still do that today. it does seem absolutely crazy. it is because we do very complex, difficult stuff, and a lot is new. it will be a new piece of a businessor investing in something for the first time and want to ensure it for the first time come so unique that face-to-face negotiation to create the insurance product needed. it has traditionally been a lot of paper, but we are modernizing. you have introduced loads of technology. the technology is not the tricky bit. it is getting people to adopt it and change the way they are interacting with each other on a daily basis. they like their world come like meeting with people.

anywhere,of people any firm or in our personal life , who likes change a lot? they are frightened of it here it so you have to win them over and say it is about moving forward. it is just about moving forward. i often think about it or talk about how uncomfortable or dissatisfied they would be if they did not have the latest digital technology in their pockets or somewhere around them, their mobile device. just think if that had not progressed in the 20 or so years since we started to have mobile phones. so let's think about our business and how our customers must feel if we are not moving forward. francine: you are stepping down in 2019, why? inga: i was committed to doing five years. when i was approached, i said come yes. i would love to come in and modernize the place and

introduce technology, but when you are driving transformation, you have only assert amount of time before it needs somebody new. i will have completed my five years. i will feel good what we have done in that time. it is time to hand over to somebody else. i have to be selfish. it means i'm not getting any younger and i want to do one more big executive role if i can. francine: in insurance? inga: not necessarily. francine: do you feel you have done everything you wanted to do at lloyd's of london? there was a big loss in 2017. if you had had more time at lloyd's of london, would you have not gone out with a bigger bank? inga: the lawsuits were driven by -- natural catastrophes. that was the biggest thing. $12 billion it costs the lloyd's

market, but that is our purpose. we are here to provide that financial compensation when things go wrong, so we know that is what we do. it wasn't a shock. we have to expect it. we model for these large catastrophes. but we do have two try to fix underlying profitability in non-catastrophe-type is ms., and that is what we are focused on -- business, and that is what we are focused on this year. lloyd's of london has changed dramatically. it used to be funded why individuals who put their own money into lloyd's. that all changed a little bit a few years ago, way before i joined five years ago, and now we have 90% of the capital is no longer individual, private names. it is either insurance groups who want to own something in lloyd's because they want to

access that specialist business, or it might be hedge funds, pension funds who want to diversify their exposure and investment portfolio. they are a minor part of the capital that comes into lloyd's, but also an important part. we are about the integrative, untrue -- innovative, entrepreneurial. labre launching a lloyd's engaging with tech startups, entrepreneurs. they will need backing. we may find that we have more interest going forward than has been in the because we will be doing lots of new stuff. francine: did you always feel you have the new chairman behind you and he was ready with your policies come innovation? did he think you are going to fast, too slow? inga: i hardly worked anywhere where you think the pace is not fast enough so there is always ,hat pressure to deliver faster

but because we are in a market and have so many players, and we have customers who have been with us for years. one of the first things i had to do was present the chinese aviation authority with a special scroll for our 40-your relationship, so we have to bring our customers along as well. the chairman has come on board and realizes the complexity and completely supports the new stuff we are driving. francine: do you have any hope to be a chief executive for a company? is that because you want to be a role model for other women, or just because you like innovating and like change? inga: i do have a personal purpose i want to empower women in business if i can, so because of that you do feel, and when you are in a senior role, particularly financial service, where we are not so good on our

diversity leadership teams, so i feel pressure to be a role model, but that is not what is driving me on. i love to be busy. i love challenges. i love transformation. seeve getting people to what seems impossible, see it become reality. i just love doing that. i am a very driven person from that point of view. francine: that was from the beginning? a very young age? when did you first see that quality in you? inga: it became later. i was always competitive. when i was at school, i was always competing. this motivation, i don't think it happen until i got to my 30's. itn i started off working, was important to me, and my work was secondary. i did not focus on having a

career. it has come up on me. the next opportunity i got, the more i enjoyed that. the next one came along, and the more i enjoyed that. it has grown on me and i have grown on insurance. , bute had a wonderful time it has got me so excited, and insurance has particularly kept me because we serve such a good social purpose. ♪ francine: still to calm, diversifying lloyd's of london. we talk about the challenges of modernizing a 330-year-old company. ♪

francine: in 2014, inga beale became the first female chief executive at lloyd's of london. since then, she has transformed the institution, making waves

and a leading voice for diversity in financial services. a 27% pays still had cap in 2017, so what is the company doing to tackle inequality? when it comes to diversity, how backward is the industry? inga: we are not doing that well. we are not the worst sector around. having to report the gender pay ap has highlighted the financial services sector. getting that data out there will help us realize where we are, and i feel do something about it. now the gender pay gap at lloyd's is 27.7% in the u.k.. that is assigned sign we lack females in the senior position. we have to do a better job, not necessarily enticing them in the first place, but keeping them in , giving them the confidence to go for senior roles and provide

them with the sponsorship and mentor ship that is going to be so important. i know how it affected me. sort of needed that extra boost, that extra help, that helping hand, and that is why i would like to do as much as i can to really create a very inclusive environment where women feel they can do just as well as men. francine: the insurance industry still has an old-school feel about it in pubs at lunchtime. is that the case? move on have tried to from that. many firms have moved on, so that is definitely changing, but we still have a lot of behaviors that go on that are not acceptable. we recently launched an inclusive behavior pledged. two of us got together, another .emale leader

we were sitting around one day and said actually there are behaviors that happened at the ground level, when people are interacting, that aren't inappropriate. francine: like what? inga: sexist comments to women, said, comments about the lgbt community. often people don't know they are being hurtful and are excluding somebody from a conversation. maybe somebody gets so shocked that they shut up and join in. a lot of these behaviors are not necessarily known. they might be done unconsciously. we said we have to get to grips with this and highlight this. at least 50 ceos of 50 individual insurance firms, and most of them are men, men who have signed up to the say let's and makehis behavior it more inclusive, saying we will not tolerate bad behavior, comments, actions, excluding

people, making them feel uncomfortable, we won't tolerate it. we have just launched it. francine: how quickly will it change? 90% white,ritish, and 90% male? inga: the market might be that high at the leadership level, but through the entire market, it is not. we know that we are balanced when we have people starting in our industry. it is moving up that seems to be the really difficult thing. that the under-35 in general, we are not doing as well retaining them as we should be, and they are going to be our future leaders. francine: they are leaving london or the industry? inga: they are leaving the sector. we have not been able to identify where they are going, but anywhere that is appealing people, people

where it has a more modern look, feels dynamic, flexible work team approaches. you know, we have to change. we are a bit -- we have people challenging you, are you at your desk or are you about to leave your desk? we have that mentality we are trying to change. francine: what do you think your legacy will be at lloyd's of london? inga: modernization using technology, so we will be digitalized soon. that will happen and have a huge impact. we managed to get lloyd's more global. we have now a strong presence in markets like singapore, china, dubai for the middle east. i was proudly opening india earlier this year, so we have a stronger footprint and some of the new, exciting markets in the world. and hopefully a much more inclusive work environment

attracts all sorts of different types of people. ♪ francine: up next, lloyd's of london forecasts man-made disasters could cost world cities more than $320 billion a year. what kind of leadership does it take to ensure disasters in natural and man-made? more with inga beale, next. ♪

francine: lloyd's of london started as a 17th century coffee shop, providing insurance to the ship and cargo trade. now, it provides cover from some of the world's biggest businesses, including 52 of the biggest banks, so what kind of leadership style does it take to manage a company of this complexity? inga beale is still with us. , what are the qualities needed in a chief executive to lead lloyd's of london? inga: they are similar to

running other big organizations. one is you have got to have courage. we have to make tough decisions. we have to make decisions that affect the entire market. that takes courage. you have to be convinced that this is the right thing to do. now that also means though that you have to include others, have been aeo -- i ceo of a few other organizations, we never know all the answers. i like to think of myself as an inclusive leader, bringing people along. then, you have got to communicate, communicate, communicate. i can't tell you how many times i talk about the need for modernization in the lloyd's market, then you will have a conversation with someone somewhere in the world who has not heard that message, so you can't over communicate. withut all that together

listening when you are including people, listen to them, get your their ideas, communicate, and that sums it up for me. is the bestat communication style, town halls, emails? how do you communicate to your lloyd's.rticipants of inga: everybody wants something different. when we have the rise of technology and we know the new generation are using mobile, digital devices, they don't even the traditional print newspapers that i am so used to when i grew up. have alearned that, i reverse mentor, and one told me not to pick up print media ever. it is all on the mobile phone. everything?

yes, everything. it was a wake-up call for me. i also realize that different generations want to see a ceo in different ways. a lot of the younger generation to see you as a human, what you think about things. some people in a different generation and different cultures, they don't want that. they want to see you as perhaps sitting in a more ivory tower. it was very interesting. i worked in germany for a while. almost vital that the employees saw you as somewhat separated from them. so when i arrived and i said, no, no, let's break down these barriers, i want my office door open, of course people can walk past my office. this of all, they thought didn't respect the seo because they should not be that open and becauseable -- the ceo,

they should not be that open and approachable. i do a lot of social media myself. i try and keep up. i have an instagram account. i try to do that. at other times, i might have to give a speech to a gathering of hundreds, and i might have to , more formalrner approach to my communication, and it is difficult to always get it right. and, authenticity must come through, because if you are not coming through as authentic, you won't get anybody to fall you, believe you. francine: do you think you would have been even more successful in another industry? inga: i never really thought about that. we get involved in other industries because we ensure all of them. that is what is interesting about what we do. we ensure all of them. have i thought that insurance has a great image and, to colorful to be in it?

sometimes, i think i don't fit, but i absolutely love it. i get really energized by what we do. athink it is not necessarily personality that since the executive, you have to be in the right role. i get my energy from people, and i meet the most amazing people. ceolucky enough to be the of a big global organization and you get to me truly amazing people all over the world. francine: what kind of advice would you give to your younger self? , don't be so be shy. don't be lacking in confidence. when i was offered my first i haveon, i said no, and been working for 14 years. it was the first time i was asked to manage one person, and i said no because i did not think i was good enough. i just look back and hardly recognize that young woman. i don't really recognize her now. i thought, what was wrong with her? i did actually get to my firm,

to my employer. they did rescue me and give me that confidence, but i do look back and say why didn't you start earlier, inga? now i have had such a wonderful career, i've never had any regrets. francine: because of the politics we are living through, varies western leaders and is it up to private individuals and private companies to promote lgbt?ity more and promote inga:inga: there is a bit of a void at the moment in terms of unified messages coming out from governments and nations in many parts of the world at the moment. this does seem to need businesses to step into that void. it is almost an expectation of the younger generation these days. they see businesses as having much more of a role to play. and absolutely in promoting diversity, absolutely in making

sure you have an inclusive workplace, because otherwise you won't attract the talent. the talent won't come. francine: inga beale, thank you so much. inga: thank you. ♪

>> almost 10 a.m. in hong kong. i'm rishaad. trade tensions weighing on the market. washington is a slapping sanctions on moscow. inflation coming at the top end. the week yuan may be causing more pressure than expected. the survey do now, the latest unexpected loss with a

transformation plan under the microscope. looking at for gdp data as well. we have inflation numbers out higher than anticipated. in all his food for thought. with an interest-rate decision later on, we could see 25 basis points higher in terms of the benchmark. 50 basis points added to that. it would be the biggest move in a decade. let's get to the numbers out of the u.s.. out of china we have cpi later on. -- focus onrk is on what is happening, we are waiting on a decision. you have stoxx in manila set for a second day of gains. we are seeing a rally in philippine bonds. we could have a third rate hike. potential economic growth.