22 September 2014
LMA moves to boost representation of under-30s
Under-representation of young insurance professionals in some areas of the Lloyd’s market is to be tackled by the Lloyd’s Market Association (LMA) in a new initiative announced today.
Following a market-wide survey of young professionals conducted earlier this year which gained over 400 responses, the LMA has agreed that young market professionals, under the age of 30, should be represented on all appropriate LMA market and technical committees. Emphasising the importance young professionals play in the market, David Gittings, the LMA’s CEO commented: “We are looking to increase the representation of young professionals on our committees and panels to widen the reach of their activities in the market. These are the people who will be market leaders in the years to come so it’s important that they are exposed to market issues early on”. The LMA is currently responsible for more than 100 technical committees in the Lloyd’s and London market.
This is a major step for the LMA and represents a realisation by the Lloyd’s market as a whole that the role of younger professionals is growing in stature. 44 per cent of the managing agency workforce is currently aged between 18-34 and the LMA’s survey highlighted that young professionals have a huge appetite to increase their knowledge of market issues and improve their networking skills. To address this need, the LMA has developed a programme of workshops and lectures through its training and development arm, the LMA Academy. These events have been designed to cater specifically for under-30s, with a focus on accessible language and not assuming prior knowledge of topics.
In addition, the LMA has created a new section on its website that provides information on the young professional committees that currently exist in the market and will produce a six-monthly newsletter to promote activities in the market that may be of interest.
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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