’Our 2025 objectives reflect our commitment to build on Lloyd’s global reputation as the beating heart of insurance and reinsurance,’ says chief executive
The London Market Association (LMA) has revealed it is prioritising digitisation, regulatory advocacy, technical expertise and culture in 2025.
The LMA’s goal for this year is to maintain the Lloyd’s market’s position at the “forefront of global insurance”.
To help achieve this, the firm will focus on Blueprint Two and data standards within digitisation, regulatory advocacy in the UK, EU and US, as well as culture and early talent.
Sheila Cameron, chief executive at the LMA, said: “Our 2025 objectives reflect our commitment to build on Lloyd’s global reputation as the beating heart of insurance and reinsurance.
“We look forward to a busy and productive 12 months.”
Plans
To help with a simplified and digitised market, the LMA will continue to work in partnership with the London Market Group’s Data Council to drive data standards.
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”Digitisation efforts will also focus on wordings, notably continuing work on computable binding authority contracts,” the LMA said.
In regards to regulation, the LMA will launch a new programme of regulatory engagement, formally engaging on behalf of its members with bodies in the UK, but also Europe and the US.
This will include focusing on leveraging its work with the FCA in 2024 to differentiate commercial and specialty business from being regulatorily classified with all other types of insurance.
The association also said that 2025 will have a particular focus on increasing the profile of female underwriting leadership across the market.
”The LMA will also continue its leading technical training programme, with early talent in claims being a key area of focus,” it added.
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