• A simplified and digitised market has always been the end goal of Blueprint Two and the LMA will continue to focus on its safe delivery for the market in 2025. The LMA will continue to work in partnership with the London Market Group’s Data Council to drive data standards and lead the global commercial and specialty marketplace through the expansion of core data records into all methods of placement. Digitisation efforts will also focus on wordings, notably continuing work on computable binding authority contracts.
• Regulatory advocacy will be a second focus for the LMA in the first half of 2025. The LMA will launch a new programme of regulatory engagement, formally engaging on behalf of its members with bodies in the UK but also Europe and the US. In particular, the LMA will focus on leveraging its work with the Financial Conduct Authority in 2024 to differentiate commercial and specialty business from being regulatorily classified with all other types of insurance. The LMA will also continue its regulatory work with Lloyd’s, with a particular focus on their delegated underwriting strategy, the proposed capability frameworks and ongoing enhancements to the Principles for Business Oversight (PBO) framework.
• Building on the technical expertise reports issued in 2024 around enhanced underwriting, capital oversight and underwriting the transition, the LMA will lobby for the outcomes recommended. The LMA will also continue to issue technical thought leadership reports throughout the year, with the aim of further enhancing the Lloyd’s market’s reputation as the global technical leader in commercial and specialty insurance.
• Culture will continue to be another major priority for the LMA, as it has been for several years. 2025 will have a particular focus on increasing the profile of female underwriting leadership across the market. The LMA will continue its leading technical training programme, with early talent in claims being a key area of focus.
Sheila Cameron, Chief Executive Officer of the LMA, said: “Our 2025 objectives reflect our commitment to build on Lloyd’s global reputation as the beating heart of insurance and reinsurance. We look forward to a busy and productive 12 months.”
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