Embargoed till 05.00am Thursday 18 January 2018
18 January 2018, London, UK – The London and International Insurance Brokers’ Association (LIIBA) today announced the publication of its priorities for 2018. The trade body, founded in 1910, represents Lloyd’s insurance and reinsurance brokers, accounting for over 95% of the London Market’s business.
Key priorities for the coming year include:
• Brexit – highlighting the need for contract continuity and to ensure that EU clients can still access the London Market.
• FCA Wholesale Insurance Broker Market Study – working with members and the FCA to furnish the quantity and quality of information necessary to deliver a properly informed review.
• Market modernisation – particularly focussing on the adoption of the market’s electronic placement platform (PPL) to make London an easier place to do business.
Christopher Croft, CEO of LIIBA commented: “LIIBA’s mission is to ensure that London remains where the world wants to do business by improving its competitive position. 2018 is going to be a pivotal year for the insurance industry in many areas that are critical to that mission and we will be working closely with our members and Board to deliver on our priorities.
“Much attention has focussed on the decisions of underwriting firms on how they will navigate a post-Brexit marketplace. However, the broking industry also faces major challenges and we are working closely with members to help them make the right contingency plan to protect the interests of their clients. For example, it is critical that we ensure that contracts where the period of insurance runs over the date when the UK leaves the EU remain serviceable.
“We are also determined to see PPL become the predominant distribution tool in the market by the start of 2019. PPL is all about improving our approach to placing and reducing our reliance on paper – allowing us to focus on the face to face negotiations for which this market is renowned. They are many myths about the threat of e-placement, so we will shine a light on the significant service improvements it will allow us to deliver to our clients and the very real cost savings that PPL will deliver across the value chain.”
Note to editors:
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).
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