The London and International Insurance Brokers’ Association (LIIBA) has released its 2024 plans, outlining strategic priorities that include navigating the political landscape, harnessing artificial intelligence (AI) impacts on trading systems, and furthering the #BackToEC3 campaign for a return to face-to-face trading.
A major highlight of the agenda is LIIBA’s commitment to laying the groundwork for potential changes in the UK government.
The organisation aims to ensure that the incoming government recognises the pivotal role of London’s commercial insurance market in the UK economy.
Christopher Croft, CEO of LIIBA, emphasised the need to solidify gains from the Financial Services and Markets Act and position London not just as the global insurance capital but also as the forefront for risk mitigation and transfer.
Addressing the rapid advances in AI and the shift to flexible working, LIIBA plans to convene a focus group of young broking professionals to produce a report on the impact of AI on the market’s trading systems.
Croft emphasised the importance of staying ahead in a rapidly evolving environment, stating, “the market needs to play catch-up,” and tapping into the insights of young, talented brokers will be crucial for shaping the industry’s future.
The #BackToEC3 campaign, launched in the previous year to encourage a return to face-to-face trading, will remain a central focus in LIIBA’s 2024 program.
Croft acknowledged the challenges faced by the industry in the past years, including the global pandemic, war in Ukraine, and geopolitical shifts, but highlighted the resilience of the insurance sector in managing and mitigating risks.
Reflecting on LIIBA’s achievements in 2023, Croft noted successful lobbying efforts around The Financial Services and Markets Act and access to the Swiss market.
Additionally, the organisation made strides in diversity and inclusion initiatives and progressed in implementing Blueprint Two, the market’s modernisation program.
LIIBA is also conducting a strategic review of its services and committee structure to ensure continued alignment with members’ needs, with findings to be shared later this year, followed by discussions with members.
