13 May 2019 – The Board of the London and International Insurance Brokers’ Association (LIIBA) today released charts illustrating the breadth of take up of electronic placement by their members. The number of risks bound has risen six-fold in the last year, with a significant proportion of that activity being driven by international brokers – i.e. those not in the top four by income.
Christopher Croft, CEO of LIIBA commented: “The significant uptake since April 2017 is very pleasing, but what is especially gratifying is that the wider membership is increasingly the engine room for this growth. Our larger members led the initial charge and continue to expand their usage but our aim was always to see others take up the baton. It is great to see that process coming to fulfilment.”
Note to editors: Y-axis is an index number where the volume of risks placed is measured relative to the volume placed in April 2017. So, the April 2017 number is 100. 200 shows that twice as many risks were placed in a month than in April 2017. Where we hit 10,000 with the “international” brokers, this is because they would have been doing 100 times as many as in April 2017.
About LIIBA
London & International Insurance Brokers’ Association (LIIBA) is the trade association representing the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets. We have the support of the vast majority of Lloyd’s Brokers, accounting for over 95% of the Market’s business.
Our members are engaged in the placement of $67bn of premiums in the London Market and another $24bn across the world. Collectively they contribute to the market’s 26% share of The City’s GDP or 10% of London’s GDP (2015).
Media contacts:
For media enquiries please contact Adrian Beeby or Caroline Wagstaff on 020 7618 9100 or email liiba@luther.co.uk