LMA reveals key 2020 objectives as it gears up for post-Brexit world

The Lloyd’s Market Association (LMA) has revealed its key objectives for 2020, allowing its members and wider market to successfully adapt and prepare for the post-Brexit world.

The LMA has highlighted reforms at the Future at Lloyd’s initiative, and addressing the challenges of Brexit as its top priorities in 2020.

The association said that it will work to minimise the risk to members which may arise from Lloyd’s planned Part VII transfer of business to Lloyd’s Brussels, and plans to work with the subsidiary to support the market’s efficient placement of European business.

The primary 2020 objective will be to engage with Lloyd’s on the successful delivery of the 'Future at Lloyd’s', in line with LMA's 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 also aid the development of technical skills required, resulting from the Lloyd’s blueprint.

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. 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 added: “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.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​Everest Re Group income surges to $1bn in 2019
Ed Broking boosts parent BGC’s 2019 revenues but profits dip
​​Cultural transformation experts join Lloyd’s Culture Advisory Group
Besso Insurance Group appoints head of Besso Re Sw​iss Re Corporate Solutions appoints UK distribution head
CNA Financial ‘well positioned’ for 2020 on back of solid 2019 results
Gallagher makes key appointments in its UK specialty broking and underwriting divisions
Accenture launches cyber-attack response service for AXA XL’s business customers
​​​ RiverStone completes RITC transaction with The Channel Syndicate
HDI Global Specialty appoints new head of airline
Reinsurance software solution firm TAI enters longevity market
APRA proposes to uplift transparency around life and general insurance data​​

Don't miss our insurtech email newsletter - sign up today