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Worldwide Property Business Panel – 17 June 2025

The panel reviewed legal advice on the broker variant of LMA5410. Updates were shared on the Italian Nat-Cat wording, with completion targeted by year-end. The committee agreed to use a separate wildfire endorsement for LMA3022/3023 revisions. Guidance on LMA3182 will be issued following broker feedback, and concerns were raised about the unofficial clause LMA5400B. Claims updates included the launch of LMA5326A, enabling insureds to request changes in claims handling and ongoing catastrophe preparedness efforts. The Lloyd’s France event was positively received, with potential for further European engagement. Market conditions discussions focused on broker practices and commission impacts. The Panel also reviewed AI loss scenario survey progress, mining sub-committee developments and plans for an autumn D&F forum.