The Lloyd’s Market Association has outlined its core priorities for 2024:

• Engage, challenge and where appropriate partner with Lloyd’s on the delivery of Velonetic re-platforming.
• Support the Lloyd’s market’s technical expertise, deepening efforts across cyber resilience, ESG imperatives, international wordings and scenario analysis for emerging risks.
• Support and influence significant change programmes that are of high priority for managing agents.
• Influence regulatory policy.
• Develop training programmes to increase the market’s technical expertise and broaden its talent pool.

London, 22 January 2024: The Lloyd’s Market Association (LMA) has today announced its 2024 Strategic Focus, unveiling its priorities for 2024. Building on past successes, the LMA board has outlined that priorities for the year ahead will focus on innovation, technical expertise, regulatory engagement, talent development and member engagement:

• The LMA aims to actively promote managing agent readiness for Velonetic re-platforming, emphasising phase one and phase two Velonetic changes. This includes ensuring a robust testing and assurance framework for Velonetic go-lives. Through the Data Council, the LMA will drive the adoption of a digitised open market and develop a computable binding authority contract.
• The LMA will deliver supporting technical expertise for development of model wordings, collaborate on reserve benchmarking processes and create thought leadership content on artificial intelligence, data-driven decision approaches, simplified market reporting and sustainability.
• To support managing agents, the LMA will assist in the rollout of the market data collection and reporting project, evolve the underwriting and capital planning model, and engage with Lloyd’s commercial strategy. The association will articulate a data-driven, three-year delegated authority strategy and influence Lloyd’s ESG strategy.
• Regarding regulatory policy, the LMA plans to implement a focused engagement strategy with Lloyd’s, LIC, FCA, PRA, EIOPA and HM Government. We anticipate important topics will be the consumer duty and engaging with the regulators’ efforts to implement the secondary competitiveness objective. We will be collaborating with interested parties on the expected review of the Insurance Distribution Directive and generally promoting our members’ interests to regulators.
• For talent development, the LMA will expand and deepen technical training through the LMA Academy, increasing the talent pool for managing agents.

Shelia Cameron, CEO of the LMA, said: “Our 2024 objectives reflect our commitment to positive change, technical excellence, innovation and continuing to support managing agents in the Lloyd’s market. The year ahead will be one of vital change within the Lloyd’s marketplace and I am proud that the LMA can continue to empower our members as we navigate new challenges and exciting opportunities.”

The LMA’s 2024 Strategic Focus is available on the LMA website.

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