Modernisation of the Lloyd’s and London insurance and reinsurance market, as well as the impact of Brexit on the market are considered top priority for 2017 at the Lloyd’s Market Association (LMA).
Speaking to chief executives from the Lloyd’s of London managing agency community, LMA CEO David Gittings said that as well as the LMA agenda, modernising the market and coping with the impact of Brexit are the most important areas of focus this year.
The LMA will be particularly focused on a successful roll-out of the electronic placing platform (PPL) and integration of PPL with the Structured Data Capture Service within TOM (the London Market Target Operating Model), Gittings said in a speech at the LMA’s annual CEO Lunch.
Other areas of priority include supporting the overseas ambitions of Lloyd’s managing agencies, getting anew long-term deal in place with CSC for the service it provides to the Lloyd’s market and promoting the LMA’s Academy.
Discussing modernisation of the Lloyd’s market and PPL, Gittings said; “Making sure that market modernisation, particularly the electronic placing platform (PPL), is a success is a top priority. PPL will be at the heart of how business is transacted in the future. It is important that it meets the market’s requirements.”
He also said that the LMA would look to encourage greater use of the OASIS catastrophe loss modelling platform, including development of additional models for it, and would explore long-term funding options for TOM.
On Brexit Gittings explained; “We are currently working with a carefully selected market group in support of Lloyd’s. This is to determine the most operationally and cost efficient location for the market to maintain access to business in EU countries post-Brexit. The clear preference is for a stable regulatory environment that can accommodate the unique characteristics of the Lloyd’s market.”
Gittings said that the LMA would also continue to work to support all sectors of the Lloyd’s insurance and reinsurance market through its business as usual activities in 2017.