The Lloyd’s Market Association has outlined its strategic priorities for 2023:
- Engage with and deliver Future at Lloyd’s.
- Support and deliver technical expertise.
- Support regulatory change.
- Develop and deliver technical training.
- Increase member engagement.
London, 31 January 2023: The Lloyd’s Market Association (LMA) today published its Member Manifesto, which announces its strategic priorities for 2023. Set by the LMA board, they will steer the association’s agenda for the upcoming year:
- The LMA will continue to promote and support members’ alignment with Future at Lloyd’s initiatives, supported by DXC technology. This will leverage standards and processes agreed by the Data Council, chaired by LMA’s CEO Sheila Cameron, as the LMA seeks to foster a truly digitised marketplace. This includes the adoption of a unified claims vision, and optimisation of the market’s delegated authority business processes and practices.
- The LMA will continue its drive to expand and build on the market’s technical expertise. With particular focus on ESG, the LMA will work with managing agents to ensure the ESG data, reporting, and oversight regime Lloyd’s intends to adopt is credible, practical, and measured. The LMA will also work closely with its members to reinforce the market's technical expertise, particularly in systemic cyber, climate litigation, renewable energy, product simplification and international wordings.
- The LMA will support market-wide regulatory engagement, with market regulators, EIOPA, Lloyd’s and HM Government. It will also continue to partner with Lloyd’s on the collecting, collating and reporting of market data.
- The LMA Academy will continue to provide its members with market-leading technical training programmes. This includes developing and delivering an ESG training programme, working with Lloyd’s on the evolution of claims training, and developing a new programme to attract claims talent. The LMA will also be expanding the wordings legal trainee programme, developed in 2022.
- Member engagement remains at the core of the LMA’s mission. Reinforcing the brand and reputation of the market, culture, talent attraction and retention, and the LMA Charter, launched in October last year, will continue as key focus areas.
Sheila Cameron, CEO of the LMA, said: “2023 is set to be the culmination of years of effort in the Lloyd’s market. We cannot stop here; it is critical that we remain sharply focused on supporting and delivering the market’s transformation programme.
“In profound ways, the industry is now tackling the challenges of modernisation head-on, and we are passionate about doing the same, whether it be through diversity and inclusion initiatives that are transforming the workplace, through technological solutions that are creating value for our members, or through the skills and technical excellence we are providing at the LMA Academy.
“Our Member Manifesto sets out an ambitious agenda that is as always intrinsically linked to the success of our members and the Lloyd’s market. With the fantastic team at the LMA and the continuing support of our members, I firmly believe we will successfully deliver this agenda.”
The LMA’s 2023 Member Manifesto is available from the LMA website .
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Notes to Editors
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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, with a total market stamp capacity of approximately £48bn in 2023, 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.