LMA to focus on global growth and modernisation in 2014

The Lloyd’s Market Association (LMA) will focus on international development and market modernisation in 2014, chief executive David Gittings said.

The trade body, which represents the interests of Lloyd’s underwriters, also aims to improve the management of third-party suppliers.

Speaking at the LMA’s annual chief executive lunch yesterday, Gittings said: “In 2014 we aim to continue the work on international market development, very much including the aims of Vision 2025 and also including distribution. This involves working to develop market access, intelligence and support.”

Under Vision 2025, which Prime Minister David Cameron unveiled in May 2012, Lloyd’s aims to increase the amount of business it does in emerging markets.

Gittings said that the LMA will focus on market modernisation initiatives such as the Central Services Refresh, under which the London Market is updating its internal processes, the Placing Utility, which the market would use to place business electronically, and the Message Exchange, which London Market participants use to send standard electronic messages such as policy endorsements.

He added: “The LMA has been involved in a wide range of activities. This has included contributing towards the choice of suppliers for the Volume Claim Services, seeing risk data capture go from concept to pilot, launching a new ECF [Electronic Claims File] website and producing 17 responses to FCA and PRA consultations.

“In 2014 we aim to continue working on behalf of the market, which should ultimately result in a market at Lloyd’s that is more easily accessible to brokers and clients.”