We may have made our official exit from the European Union, but the term ‘Brexit’ still looms large over the insurance industry and dominates planning for the year ahead.
For proof, look no further than the Lloyd’s Market Association (LMA), which has today outlined its objectives for 2020, with addressing the challenges of Brexit high on the agenda.
The association outlined that it intends to take steps to minimise the risks to its members that may arise from Lloyd’s planned Part VII transfer of business to Lloyd’s Brussels – indeed it intends to work with the subsidiary to ensure the efficient placement of European business.
“Ensuring Lloyd’s Brexit plans are comprehensive, workable, and proportionate is a high priority,” said LMA chief executive Sheila Cameron. “We will be monitoring the progress of the project for the Part VII transfer of EEA legacy business, from syndicates to Lloyd’s Brussels, and liaising with the market to support its efficient delivery.”
Also high on the agenda is engaging with Lloyd’s on the ‘Future at Lloyd’s’ initiative – something the LMA believes underpins its priorities around underwriting discipline and digitisation. Its work is set to include the rollout of underwriting standards for modernised syndication; supporting the PPL replatform; establishing pilot exercises to transform the claims service model; and working with Lloyd’s on data standards.
“We will work tirelessly to ensure our members are engaged throughout the processes of executing Lloyd’s root-and-branch overhaul of its business practices,” said Cameron. “We will actively support efforts to reinforce underwriting discipline across the market, and drive the development of a modern, data-driven, digitised business operating model for Lloyd’s.”
Other focus areas including the implications of the Bank of England’s stress test requirements in relation to climate risk.
