Strong, clear priorities set by the LMA Board will steer your association’s agenda for 2022. Our work to enable the success of our members and the market will proceed throughout the year based in five priority areas:
- the Future at Lloyd’s
- technical expertise advocacy
- regulatory change
- technical training, and
- member engagement.
This interactive ‘Member Manifesto’ outlines some of the steps we will be taking to achieve our objectives over the course of the year.
Future at Lloyd’s
Progress on the Future at Lloyd’s strategy has laid the groundwork to deliver the majority of Blueprint Two’s planned capabilities in 2022, with digitalisation at the top of the agenda. The LMA continues to work actively towards supporting delivery of next-generation of PPL this year, which will bring huge benefits to the market. Data is another key focus. The London Market Data Council, which I chair, will drive digitalisation through the adoption of standardised, high-quality data and agreed process definitions.
For delegated authority specifically, our focus this year is to deliver delegated data standards, a digital delegated authority contracting model, and an enhanced, coverholder-friendly oversight and reporting framework. It will be enabled by the Future at Lloyd’s Delegated Contract and Oversight Manager solution and Delegated Data Manager.
The market has much expertise to offer its clients in respect of climate change. Lloyd’s is aiming to establish its ‘Development and Adoption Climate Impact Measurement Framework’ to help managing agents understand and quantify the carbon impact of their underwriting. The LMA will work with members this year to refine the tool. The goal is to support industries’ methodical and measurable transition to lower-carbon sectors. The Framework will help to help ensure market efforts are collective and aligned.
Lloyd’s will complete a thematic review of the growing and evolving cyber market this year. Alongside this, the LMA will conduct a review of developments in cyber wordings over recent years. The work will identify any significant trends, and will help to ensure consistency and underpin profitability in this evolving class.
The government’s consultation on post-Brexit regulation of financial services is already under way. It holds out potential for Solvency II reforms, and is a key milestone in the strengthening of operational resilience practices. The LMA will ensure our members’ views are heard in Whitehall.
Meanwhile Lloyd’s will move to a principles-based oversight regime. The LMA has coordinated a new steering group with Lloyd’s – Project Rio – to define the principles that will back this new supervisory model, and to determine how it will be implemented. Lloyd’s has agreed to soft-launch this new regime before June; the LMA will work with members to assess and report on its effectiveness.
For EU business, the LMA will continue to ensure solutions are implemented through Lloyd’s Brussels that enable the market to remain competitive and cost-effective in Europe, through a focus on the Lloyd’s Insurance Company UK branch.
To help members recruit the best young people into our market, we will launch a new early-talent careers programme in 2022. In parallel, we are designing a wordings apprenticeship programme to create the experts of the future in this critical area. Finally, we will be introducing a non-executive director training programme to support professionals with market experience who wish to move into such roles.
Finally, we will step-up our communications and other engagements with members at every level in 2022. This new Manifesto is just one example. If you’re reading it, I would like to hear what you think about the LMA’s priorities.