20th February 2019, London, UK – London and International Insurance Brokers’ Association (LIIBA) welcomes the final report from the FCA on their Wholesale Insurance Brokers Study which was published today.
Christopher Croft, the London and International Insurance Brokers’ Association’s CEO, said: “This study has been in-depth and wide ranging and our members, and other parts of the insurance market, have co-operated closely with the FCA in this detailed look at our industry. It has looked at all aspects of the way business is placed and it would be fair to say has given intermediaries a clean bill of health.
“Our position has always been that customers are benefitting from broader coverage than ever before, on high quality paper at historically low prices – this is the best possible outcome for them in the risk transfer process. This study offers strong evidence to back that view across all aspects of the value chain.
“The fact that this is the final report – a first for the FCA, brings an end to this piece of work and the FCA will take up any concerns with individual firms in the normal course of its regulatory processes. Liiba will continue to work closely with the FCA to ensure a proportionate approach to the regulation of our market.”
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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