PRESS RELEASE
02 March 2022
LMA prioritises data, technical expertise advocacy and regulatory change in 2022
The Lloyd’s Market Association (LMA) today announced its core priorities for 2022.
Future at Lloyd’s tops the LMA’s agenda, with specific focus on digitisation and adoption of standardised, high-quality data through the Data Council, Lloyd’s/DXC’s joint solution for risk, premiums and claims, digital placement platform enhancements, and Lloyd’s delivering DCOM and DDM for delegated authority business.
Technical expertise advocacy joins Future at Lloyd’s delivery as a top priority for the LMA, as it looks to underwriting excellence to secure the market’s future as the world’s leading specialty insurance and reinsurance centre.
Regulatory change, including in respect of the recently announced Government review of the prudential regime governing the UK’s insurance sector, will also form a key focus for the LMA as the year progresses.
The LMA supports the Government’s core objectives for the review: to ensure a vibrant and prosperous insurance sector, to provide long-term capital to support growth, and to uphold high standards of policyholder protection and promote the safety and soundness of firms. The LMA will work to ensure that the new regulatory system works for Lloyd’s market participants as well as the domestic and company markets.
Technical training and engagement complete the list of top 2022 concerns for the LMA. Technical training has long been a core workstream, underpinning the LMA’s drive for underwriting excellence and expertise, and the LMA Academy is redoubling its efforts to improve underwriting and risk trading skills across Lloyd’s. The LMA intends to step up its cross-market engagement to further improve the standing of Lloyd’s underwriting and cement its leading role.
Sheila Cameron, CEO of the LMA, said: “As the market returns to in-person trading and the economy recovers from the pandemic, we are committed to seeing a new Lloyd’s emerge over the coming years, one that is even more highly-skilled, technologically excellent and expert at selecting risk. Through LMA initiatives such as the LMA Academy and our market advocacy role, we provide vital tools towards ensuring that aim. We will also be working closely with our Members, Lloyd’s and the Government to ensure that regulatory changes will be implemented in a way that works for the London market and our partners.
“Lloyd’s is the world’s leading market for the trading of complex risk. Driving the market’s digital development through the Future at Lloyd’s program is critical if we are to maintain that position. Integral to that journey is data. As chair of the London Market Data Council, I will be pushing hard for the adoption of a data-first mindset in our marketplace.
We are confident that LMA’s agenda for 2022 continues to champion the success of our members and the market.”
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Notes to Editors
Media relations contacts
LMA:
James Milne, Communications Director | +44 020 3307 3922 | Email: james.milne@lmalloyds.com
Cicero/amo:
lma@cicero-group.com
Brian Norris | +44 (0)759 250 9016
Kuba Stawiski | +44 (0)785 603 1906
Chanice Smith | +44 (0)785 022 9457
About the Lloyd’s Market Association (LMA)
The Lloyd's Market Association (LMA) exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 51 Lloyd's managing agencies, who write approximately £36 billion of premium per annum, and all Lloyd's members agents, are members of the LMA.
We represent our members' interests to organisations including governments, regulators, and the market's central supporting body, the Corporation of Lloyd's. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd's and the other market associations to influence initiatives and outcomes. We operate the market's most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com