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12th February 2020
LMA outlines objectives for 2020
The Lloyd’s Market Association (LMA)has revealed its objectives for 2020, intended to enable the success of LMA members and the wider market during a period of significant change.
Engaging with Lloyd’s on the successful delivery of the Future at Lloyd’s is the LMA’s primary 2020 objective, and underpins the LMA 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 aid the development of technical skills required, resulting from the Lloyd’s blueprint.
Continuing its work to address the challenges of Brexit, the LMA will take steps to minimise the risk to members which may arise from Lloyd’s planned Part VII transfer of business to Lloyd’s Brussels, and will work with the subsidiary to support the market’s efficient placement of European business.
LMA Chief Executive Sheila Cameron comments “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. 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. 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.
Ensuring Lloyd’s Brexit plans are comprehensive, workable, and proportionate is a high priority. 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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