LMA in the news
A round-up of recent press coverage relating to the Lloyd's Market Association.
Where the red key is displayed, access to the full article may require subscription to the source website.
Up to 60% of whiplash claims are fraudulent or exaggerated, MPs told
The Guardian | 20 May 2013
David Powell, a manager at Lloyd's Market Association, told the transport select committee investigation examining the size and number of whiplash payouts, that 10-60% of claims were probably not entirely genuine.
Car insurers sidestep ban on taking fees from lawyers...by turning into law firms themselves
Daily Mail | 27 April 2013
Car insurance premiums are expected to fall up to 15 per cent this year as the authorities crack down on Britain’s compensation culture. The Commons Transport Select Committee is still reviewing the situation and the Lloyd’s Market Association said last week that reforms should be made to the way claims were processed through doctors and lawyers...
LMA preparing brief in response to decision allowing BP access to Transocean’s cover
Insurance Day | 24 April 2013
The Lloyd’s Market Association is in the process of readying an amicus curiae brief highlighting how the recent appeal decision giving BP access to Transocean’s liability cover threatens the sanctity of not only energy casualty policies, but a whole host of other insurances in the state.
LMA unveils plan to cut whiplash bill
POST Online | 23 April 2013
The Lloyd’s Market Association has laid out a five-point plan for reducing the annual cost paid out of over £2bn for whiplash claims.
US senators warned not to relax anti-piracy measures despite diminished Somali threat
Insurance Day | 19 April 2013
A senior London market figure has warned a panel of US senators the international maritime community cannot afford to relax its counter-piracy efforts despite the fall in successful hijackings off Somalia as other regions around the world pose a considerable threat to the global maritime industry.
Lloyds: Piracy Coverage Remains Despite Danger, Cost
PropertyCasualty360° | 11 April 2013
LMA's Neil Smith said: "The threat of piracy is one which the industry has had to address since the advent of international trade, and the most recent evolution in Somalia, and the more recent developments off Nigeria show that the problem continues to be a significant one,"
Claims costs down for 2013 – LMA
Reactions | 27 March 2013
The Lloyd’s Market Association says it has negotiated cuts in the cost of claims services from two major outsourced service providers: Xchanging Claims Services and Charles Taylor Insurance Services.
LMA agrees new terms for surveyors and adjusters
Lloyd's List | 20 March 2013
[Print p.9]...A Project to standardise the terms of engagement for marine surveyors and loss adjusters working for Lloyd’s and London market underwriters has been completed by the Lloyd’s Market Association and the Joint Marine Claims Committee.
Lloyd’s to calculate its total exposure to cyber risks
Insurance Insider | 18 March 2013
Lloyd's is to assess the impact of loss scenarios on its exposure to the growing cyber risk market. The Lloyd's Market Association (LMA), which represents Lloyd's underwriters, will work with the Corporation of Lloyd's to collect exposure data from managing agents later this year.
London's Top Ten on the Risk Parade
Reinsurance Magazine | February 2013
[Print p. 22 - 24]...Lloyd's Market Association Chief Executive, David Gittings, spells out the challenges facing Lloyd's, London and the wider market in the year ahead with a top ten list of issues which need to be addressed.
IACS membership drops to 12 if GL and DNV merger goes ahead
Lloyd's List | 13 February 2013
Speaking at a Lloyd’s Market Association lecture at Lloyd’s, Mr Boardley said if the merger between overcame any regulatory and competition hurdles and was approved, the firms would need to decide who would remain in IACS, as there was only one membership available to the merged firm.
Brokers warn over EU disclosure plans
FT.com | 4 February 2013
The Lloyd’s Market Association, which represents underwriters at the historic insurance market, has called on regulators to tighten disclosure requirements.
LMA vows to maintain pressure on Law Commission over ‘late payment penalties’ as it sets out 2013 pr
Insurance Day | 23 January 2013
The Lloyd’s Market Association’s chief executive David Gittings has set out the organisation’s priorities for the coming year as it celebrates its strongest ever support from London market practitioners.
Spotlight: on the London market
Insurance Times | 23 January 2013
Brokers and insurers face a challenging year ahead with regulation changes, modernising the London market, and making the Lloyd’s Vision 2025 plan a reality. Lloyd’s Market Association chief executive David Gittings says: “There are a number of issues there that haven’t really landed yet. I’m still very interested in subjects such as commission disclosure, contingent commissions, and payment for order flow.”
Increased calls for disclosure of insurance brokers' commissions
Financial Times | 14 Jan 2013
[Online and in print, p19.] David Gittings, chief executive of the Lloyd's Market Association says: "I feel now that there should be an absolute obligation on full disclosure and transparency so that everyone knows who is paying what to whom and what for. That needs to come out of the regulator".