Covid-19 Market Response & Support – trends emanating from Covid-19 related litigation, legislation and related regulatory requirements (including the FCA test case) are being appropriately supported by Class of Business claims groups, the market steering group and any appointed experts. Multiple classes and territories are impacted by Covid-19 with the Casualty, Contingency, Political Risk, Property (both Delegated Authority & Open Market) and Short Tail Property Reinsurance groups all assessing the trends and risks associated with Covid-19. In addition, they are monitoring claims performance of the market and third parties for their particular class, triggering their major claim response plans.
UK and US TPA performance data for Property, Travel and Contingency claims, and market data from DXC showing the volume and value of notifications and settlements processed can be viewed by all LMA members here.
Future @ Lloyd's - following the re-prioritisation of Q2 plans, the attached informs the market of key decisions that have been made during lockdown and the changes/priorities that have been considered to the overall plan to best inform Q3 and Q4 deliverables. This has been discussed as part of the LMA Claims & Delegated Authority Online Bitesize Sessions.
Delegated Claims Standards - a collaborative approach from the market, Lloyd's & LIIBA has seen the creation of new Claims Standards to enhance the delegated claims business model by removing areas of technical or operational inefficiency that generates duplication and burden, amongst our DCAs and the market, where there is no competitive advantage. Full details can be found here.