LMA outlines its 2020 objectives

The Lloyd’s Market Association has announced that its primary objective for 2020 will be to engage with Lloyd’s on the successful delivery of the Future at Lloyd’s initiative, thereby underlining its priorities of underwriting discipline and digitisation.

This work will include the roll-out of underwriting standards for modernised syndication; establishing pilot exercises to transform the claims service model and initiate ECF replacement; supporting the PPL replatform and working with Lloyd’s to drive a common set of data standards. The LMA will assist in the development of technical skills required following the Lloyd’s blueprint.

LMA chief executive, Sheila Cameron said that 2020 will be a year of enormous change for Lloyd’s. “These new objectives recognise that change, to ensure our members, the managing and members’ agents, can continue to offer outstanding underwriting products and services to our customers,” she explained.

“We will work tirelessly to ensure our members are engaged throughout the processes of executing Lloyd’s root-and-branch overhaul of its business practices,” she added. “We will actively support efforts to reinforce underwriting discipline across the market, and drive the development of a modern, data-driven, digitised business operating model for Lloyd’s.”

Brexit was further highlighted as the other main concern. The association aims to minimise the risk to members which may arise from the market’s planned transfer of business to Lloyd’s Brussels.

“Ensuring Lloyd’s Brexit plans are comprehensive, workable, and proportionate is a high priority,” said Cameron. “We will be monitoring the progress of the project for the Part VII transfer of EEA legacy business, from syndicates to Lloyd’s Brussels, and liaising with the market to support its efficient delivery.”

Other priorities for the LMA include exploring the implications for the market of the Bank of England stress test requirements in respect of climate risk.

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