Lloyd's of London has begun the biggest strategic review it has undertaken this decade in an attempt to ensure the more than 320-year-old insurance market does not fail in exploiting the gaps in the market thrown up by the financial crisis.

The London-based institution, which deals in insurance risks from all over the world, has brought in consultants from Deloitte to assist in the review, which Lloyd's hopes will lead to a new strategic plan to be published in January.

The failure of AIG, formerly the world's biggest insurer, and the withdrawal of some capital previously provided by hedge funds or other private equity interests from important centres such as Bermuda have thrown up opportunities for Lloyd's to increase its share of global insurance business.