Lloyd's Market Association

The Joint Specie Committee (JSC) is hosting an in-person Education Forum on Tuesday 12 November at 09.30 in the Old Library at Lloyd’s. This event is open to professionals specialising in specie and fine art insurance underwriting, claims and wordings. Attendees will gain valuable insights from industry experts, including: ➡️ Vicky Chafen and Sophie Hayes from the Metropolitan Police on combating terrorist financing and organised crime within the London art market. ➡️ David Guest from SCOR on the current and future landscape of Strikes, Riots and Civil Commotion (SRCC). ➡️ Peter Elsaesser, Simon Hornby and Oliver Howell on the International Convention of Exhibition and Fine Art Transporters standards in fine art logistics. Open to LMA and IUA members only. Register now to secure your spot: https://lnkd.in/eWkdGrhJ #LMA #SpecieMarket #FineArtInsurance #Underwriting #Claims #EducationForum #SpecieInsurance

We are thrilled to welcome the newest members to the Lloyd’s Market Association team: ➡️ Des Bishop joins us as Senior Executive, LMA Academy (Interim). ➡️ Yasemin Oney joins our Business Support Team as Team Assistant (Interim). We are excited to see the impact each of you will make at the LMA. Welcome to the team! #LMA #Welcome #InsuranceIndustry #LloydsMarket

The LMA’s Terrorism and Political Violence Panel has released an updated version of the Terrorism Liability Insurance Policy (LMA3167A). This update reflects significant changes aimed at ensuring clarity and robustness in coverage. We encourage underwriters to review the updated policy on the Lloyd’s Wordings Repository to familiarise themselves with the full extent of the changes. Read the full bulletin here: https://lnkd.in/exXqT5-Y #LMA #TerrorismInsurance #PoliticalViolence #Underwriting #InsuranceWordings #PolicyUpdate #Lloyds

Join us for an engaging afternoon at the 2024 LMA General Liability Annual Claims Symposium! This event will feature presentations and panel discussions addressing the latest challenges, trends and developments in international general liability claims. We’ll be joined by a diverse group of legal experts from various jurisdictions around the world. Delegates will gain insights into key topics currently shaping the general liability claims community, including recent case law and emerging trends. The symposium will be followed by a post-event networking session at The Moniker. Don’t miss this opportunity to deepen your expertise and connect with industry peers: https://lnkd.in/eiBxKfNx #GeneralLiability #LloydsMarket #Claims #LMA

Operational resilience is a critical focus for the insurance market, and robust scenario testing is essential for identifying vulnerabilities and preparing for the upcoming regulatory deadline. Led by Crowe and the LMA, this four-module programme offers practical guidance to help participants understand the key components of operational resilience frameworks, set impact tolerances and execute effective scenario tests. You'll leave with actionable insights to improve your organisation’s resilience. What you’ll gain: ➡️ A deep understanding of operational resilience requirements ➡️ The skills to develop and test operational disruption scenarios ➡️ The ability to implement actionable remediation plans based on test outcomes This programme is designed for practitioners at all levels, from analysts to senior managers, who are new to or experienced in operational resilience. Open to LMA members only. Strengthen your organisation’s resilience, register today: https://lnkd.in/eSfTyu6K #LMAAcademy #OperationalResilience #ScenarioTesting #Insurance #ProfessionalDevelopment #ResilienceTraining

The LMA FinPro Emerging Professionals Claims Group, in collaboration with Mills & Reeve, invites you to an insightful session on construction claims. This event will provide emerging professionals in the FinPro market with a deeper understanding of critical issues impacting construction claims today, including: ➡️ Cladding issues and their effect on the insurance industry ➡️ The components of a typical construction claim and the parties involved ➡️ Trends that may shape future claims Speakers: Sophie Briggs, Principal Associate, Mills & Reeve Sonny Baldwin, Senior Claims Analyst, Allied World Lucas Matson-Silva, Senior Claims Adjuster, Markel International David Phillips, Principal Associate, Mills & Reeve Don’t miss this opportunity to gain valuable insights. Full and associate LMA members can register now: https://lnkd.in/eDqRaB8W #LMA #ConstructionClaims #EmergingProfessionals #Insurance #FinPro #ProfessionalDevelopment

London Market Group's Data Council has launched a consultation on the proposed extension of the Core Data Record (CDR) to cover Treaty business. Running for eight weeks from 22 October, this consultation is a significant step in the market’s digitalisation journey. Market participants can access the consultation via the LMG website, with briefing sessions to be organised by the LMA, International Underwriting Association of London (IUA) and LIIBA - London & International Insurance Brokers’ Association. The CDR, aligned with ACORD’s Global Reinsurance and Large Commercial (GRLC) standard, is designed to drive greater interoperability of systems between London and other global markets. Firms are encouraged to embed this standard in preparation for 2025 and beyond. Sheila Cameron, Chair of the Data Council and CEO of the LMA, emphasised the importance of this project and urged Treaty market participants to actively contribute their feedback. Find out more: https://lnkd.in/et_r3Y4x #LondonMarket #Digitalisation #CoreDataRecord #InsuranceTransformation

We are pleased to share that the LMA Academy’s Foundation in Operational Excellence for 2024 concluded last week. Andrew Munzberg and Nicole Law CA from FTI Consulting led this highly interactive two-day programme. Participants gained a greater understanding of essential methods, tools and mindset that underpins a culture of excellence within operational insurance teams. The learning was contextualised using a case study framed around a fictional company dealing with the Lloyd's market and drew on examples participants could relate to in their day-to-day roles. Key features of the programme were around implementing lean principles and process mapping, with emphasis on practical skills and ways of thinking that the participants could directly apply to their teams once they completed the training. For more information about this foundation-level offering, or to join this programme next year, email apply@lmalloyds.com.

The LMA is pleased to have contributed to this initiative. Insurance fraud is a critical issue that impacts us all by driving up the cost of insurance for customers. The Fraud Charter reinforces the LMA’s commitment to protecting the integrity of the wider insurance market and delivering great outcomes for customers.   We look forward to continuing our collaboration with the Home Office and the other market associations in the ongoing fight against fraud. https://lnkd.in/eXxfgbFh

The LMA supports the constructive work of the FCA on its recent culture and non-financial misconduct survey, which is a valuable snapshot of how financial service companies are dealing with critical issues around culture, diversity, equity and inclusion. We will now take time to study the detailed recommendations of the report while we look to support the FCA in continuing to deliver cultural change in our market.   This is not the first study we have done in this area. The Lloyd’s market has been gathering this data since 2020, through its annual demographic data collection, as well as its culture survey. Through our own data we know that in 2024, 84% of those who work in the Lloyd’s market recommend their organisation as a great place to work, while 80% of this same group say there is a positive leadership focus on culture in their organisation (versus 66% of employees in wider financial services). We have also seen the volume of people observing poor behaviour in the Lloyd’s market drop by over 10% in the last year alone – a huge marker of how fast cultural change is progressing.   This tells us that cultural evolution and progress is a journey for our industry and not a destination. We are pleased to work with the FCA on their governance and board oversight initiative, and we look forward to sharing the lessons the Lloyd’s market has learned over the last five years as we continue the journey together to a diverse, equitable and inclusive industry. https://lnkd.in/eKRNgefN