The Lloyd’s Market Association (LMA) has revealed its objectives for 2020, which include a focus on the Future at Lloyd’s reforms and Brexit planning.
Engaging with Lloyd’s on the delivery of its new strategy is the primary objective for the LMA this year, and is expected to underpin the Association’s priorities of underwriting discipline and digitalisation.
This work will include the roll-out of underwriting standards, establishing pilot exercises for the claims service model and ECF replacement, supporting the PPL re-platform, and helping to drive a common set of data standards.
The LMA also plans to aid in the development of technical skills required, resulting from the Lloyd’s blueprint.
In terms of Brexit, this year 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 more broadly, the Association will work with the Lloyd’s Brussels subsidiary to support the efficient placement of European business.
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.
“2020 will be a year of enormous change for Lloyd’s,” said LMA Chief Executive Sheila Cameron. “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,” she explained. “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.”
Cameron continued: “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.”
