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Worldwide Property Business Panel – 01 May 2025

The panel reviewed legal feedback on a broker variant of LMA5410, noting concerns that it may unintentionally extend cyber cover under UK and Canadian law. The panel also discussed the Joint Specie Committee’s proposal for new digital asset risk codes (Mining and Custody), agreeing to support the initiative. Wordings updates included revisions to LMA3022/3023, with consensus to include a wildfire definition and review exclusions. The FAC RI endorsement A5656A was introduced following concerns over the original clause’s effectiveness. Claims updates covered Taiwan earthquake losses, Liberty’s training sessions and PICGS Academy developments. Market conditions highlighted broker remuneration concerns and the withdrawal of LMA2914 and LMA2915. The panel noted positive feedback from the Committee Effectiveness Survey and discussed upcoming engagement with WSIA and ELANY, AI underwriting scenarios and Italian Nat-Cat coverage wording.