The UK’s exit from the European Union, market modernisation, and supporting the agenda of the London Market Group top the agenda of the Lloyd’s Market Association (LMA) for 2017.
“Making sure that market modernisation, particularly the electronic placing platform (PPL), is a success is a top priority,” Gittings said on Tuesday at the LMA’s annual CEO Lunch.
“PPL will be at the heart of how business is transacted in the future. It is important that it meets the market’s requirements,” he added.
Supporting managing agents’ overseas operations, renegotiating a long-term deal with CSC, and promoting the LMA Academy are also high on the agenda of the trade body, according to Gittings.
He also outlined some other key activities taking place in 2017, including encouraging additional templates for the OASIS catastrophe loss modelling platform and exploring long-term funding models for the market’s target operating model.
Turning to Brexit, Gittings said the LMA is working with a “carefully selected market group in support of Lloyd’s.”
“This is to determine the most operationally and cost efficient location for the market to maintain access to business in EU countries post-Brexit,” he said. “The clear preference is for a stable regulatory environment that can accommodate the unique characteristics of the Lloyd’s market.”
