A recent survey of senior underwriters and directors in the Lloyd's insurance market has revealed a high level of support for the way in which the Lloyd’s Market Association’s (LMA) underwriting committees are fulfilling their roles and addressing key market issues.
A survey of underwriting practitioners, chief executives, managing directors and chief operating officers conducted by the LMA this summer found that 98% of those who responded believe the LMA's underwriting groups are fulfilling their terms of reference while 95% said they are addressing relevant key issues either well or very well.
The LMA’s survey of over 1,500 member contacts was designed to assess whether the activities of the LMA's various underwriting committees, panels and joint committees are meeting the needs of the association's membership.
Items that the groups were said to be doing well include co-ordinating views and thinking across the market, helping to develop model wordings and clauses, arranging education seminars and issuing technical updates through bulletins and circulars.
Recommendations on how improvements could be made included the suggestion that, while some groups are good at providing updates and bulletins to their interest groups, there is a need for greater communication in some sectors.
Issues raised for the future included ensuring membership and communications remain current and engagement in the training and education of the next generation of underwriters.
Neil Smith, Head of Underwriting, Lloyd's Market Association, said: “The responses have provided a strong endorsement of the LMA's underwriting support, confirming the value of the underwriting panel and committee structure and the work they undertake on behalf of the market.
“We are grateful for the feedback and will focus on the various comments and suggestions in relation to areas of improvement. We aim to ensure that the activities of the underwriting committees and panels remain at the core of the LMA's work.”
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