The Joint Underwriting & Claims Political Risk and Credit Business Panels discussed findings from the latest Trade Credit Claims Survey, focusing on delays in claims payments. Members reviewed feedback from Velonetic, considered the impact of sanctions screening, operational processes, MGAs and the effectiveness of the Lloyd’s Claims Scheme, and agreed to seek more detailed data on the causes of late payments ahead of the 2026 survey. The panel also revisited concerns regarding LSW1865 wording but concluded there was little appetite for change. A progress update was provided on the Lessons Learnt Working Party’s model political risk wording project, while members received updates on ITFA funding initiatives and NKF activities, including the 2027 NKF Lunch, workshop, lecture and quiz night. Other topics included debt-for-equity swap wording issues, the forthcoming Claims Insights event, a proposed sanctions briefing, the new London Market Fee Payment Enablement Scheme, the launch of the Political Risk Rising Talent Group, and progress on RDS pilot data returns.