10 February 2015
Gittings outlines LMA’s priorities for 2015
David Gittings, CEO of the Lloyd’s Market Association (LMA), today told chief executives from across the Lloyd’s market that 2015 would see their representative body working hard on a number of issues, all of which are critical to the market’s future.
Setting out his priorities for the year, Gittings stated that the future competitiveness of the market, supporting the modernisation agenda and delivering cost savings for its members are uppermost among the LMA’s objectives.
David Gittings said: “The LMG’s recently-published report 'London Matters: The competitive position of the London Insurance Market' has revealed the threat posed to the London market’s position as the global hub for commercial insurance. This has triggered a debate that will shape our market’s future and its strategic thinking. As the representative association of every managing agent and members’ agent at Lloyd’s, the LMA is ideally placed to help inform and drive the market’s response.
“This year, the LMA will further contribute towards a number of initiatives in the market modernisation arena, including: the Central Services Refresh; the Placing Utility Platform; a review of delegated authorities; and claims systems and processes. We will also continue to help to define a single overarching vision in relation to market modernisation.
“In regards to international markets, the LMA has established Opportunity and Operating Model Groups to engage with Lloyd’s on discussions for potential future licence development in a selection of overseas countries.
“The LMA will additionally renegotiate the contract with Xchanging (XIS) for premium processing, which should produce substantial and sustainable savings for our members. Our renegotiation of the Xchanging claims processing contract in 2014 has already made significant savings for the market and is an example of this type of practical approach.”
Reflecting on 2014, Gittings said: “The LMA took the lead for London market carriers in obtaining amendments to proposed changes in the draft Insurance Bill, many of which were adopted into the final version. We also facilitated a market group to provide input to the Home Office on the Counter Terrorism and Security Bill, advised the Treasury on insuring ebola vaccination liability risk and produced new guidance for the market on the recently re-enacted Terrorism Risk Insurance Act (TRIA).
“The priorities I have outlined today will, I believe, ensure that we continue to represent the interests of our members in the Lloyd’s community and contribute positively towards influencing the course of the market’s future.”
David Gittings was speaking at the LMA’s annual CEO lunch in the Lloyd’s Building, which is attended by CEOs and senior management from all the LMA’s 62 member organisations. These include both Lloyd’s managing agents and members’ agents.
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Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
T 020 7623 2368
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £26 billion per annum.
For more information visit: www.lmalloyds.com