LMA - Political Risks Committee

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Political Risks, Credit and Financial Contingencies Committee

The Political Risks, Credit and Financial Contingencies Committee represents and promotes the interests of the writers of these complex and globally influenced classes of business. Consisting of the majority of Lloyd’s underwriters in these classes, the committee provides strategic and technical support to ensure that Lloyd’s remains a leading market for political and credit risk coverage.

Committees » Non-Marine

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Committee

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David Powell

Head of Technical Underwriting

Committee secretary

Leigh Allen

Executive, Technical Underwriting

Committee secretary

Julian Barker

Chair

Key issues covered

The committee addresses evolving geopolitical, credit and economic exposures while supporting underwriters with clear wordings and risk insights. A key focus of the committee is responding to Lloyd’s market oversight reviews, ensuring classes remain sustainable, well-performing and aligned with regulatory expectations.

Bank capital regulatory issues

The committee reviews global banking rules, particularly Basel frameworks, to advocate for the recognition of credit insurance as an effective credit risk mitigant. This work supports the role of insurers in structured finance, ensuring the support of the London market remains viable for banks under tightening capital adequacy requirements and regulatory scrutiny.

Education and training

The committee supports the development of training programmes and initiatives aimed at enhancing market expertise in political risk, credit and financial contingencies.

Wordings

The committee helps to develop and issue LMA wordings for use across the market. To receive email notification of new wordings, please subscribe.

10 Aug 2022

LSW1950 – Loan Market Association Credit Risk Insurance Policy

01 Nov 2020

LMA5427B – Political Risk Cyber Endorsement

01 Jul 2020

LMA5539 – Affirmatory Cyber Clause (for use with Political Risk, Credit, and Financial Guarantee Policies)

01 Mar 2020

LMA5408 – Cyber Risks Endorsement (for use with Political Risk, Credit, and Financial Guarantee Policies)

01 Jan 2015

LMA3138D – Comprehensive Contractors Plant Insurance – Political Risks (CCP)

Committee insights

Updated Excess Health Care Liability Policies Published by the LMA Medical Malpractice Committee

Oil Price Cap – Updated Market Guidance for Marine and Political Risk Insurers

Guidelines for the Safe Design and Operation of Offshore Marine Risers and Umbilicals

Upcoming events

For events hosted online, joining instructions will be emailed to all registered attendees closer to the date of the event no later than 24 hours prior to commencement.

View more events

Nick Kilhams Memorial Lecture 2025

The LMA and the Nick Kilhams Foundation (NKF) would like to invite you to the third annual Nick Kilhams Memorial Lecture.

Catastrophic Workers’ Compensation Injuries: Trends, Technologies and Better Outcomes for All

The LMA invites you to an event examining the trends and technologies in catastrophic workers' compensation injuries.

What’s Hot in the US Crime and Cyber Markets

The LMA invites you to an event examining the key statistics, trends, issues and cases involving crime and cyber claims affecting financial and commercial institutions in the United States.

Useful links

Notable projects

The committee has set up a Lessons Learnt Working Party to facilitate the drafting new model wording(s).

A further working party is collaborating with Lloyd’s and a third- party provider to develop a new market RDS.