David Gittings, Chief Executive of the Lloyd’s Market Association (LMA), today told over 50 senior executives from Lloyd’s managing and members' agents that the LMA is enjoying its strongest support ever from the Lloyd’s market.
Speaking at the LMA’s Annual CEO Lunch, Mr Gittings stated that, with LMA's Board now representing over 60% of Lloyd’s market capacity, the LMA is in a strong position to implement its plans for 2013, including tackling a number of major issues facing the market, such as insurance law reform, business process modernisation and the transition to a new regulatory system in the UK.
Mr Gittings informed his audience that over 1,600 market practitioners are now actively involved in the LMA’s committees while 6,300 members attended LMA-run events last year.
Mr Gittings said: “We have the strongest level of market support ever. The LMA Board now comprises the highest level of market capacity than at any previous time. Our approach continues to be to provide professional, technical support which can unify the whole market to tackle the changing business climate.”
In his speech, Mr Gittings also highlighted the top ten issues which the LMA is tackling on behalf of its members during 2013. These are:
• Insurance law reform
• Central Services Refresh (formerly Project Darwin)
• The Claims Transformation Programme
• Market appetite for Shared Services
• Lloyd’s 2025 Vision
• Utility Placing Platform
• FSA's transition to the Prudential Regulatory Authority (PRA)
• Business Planning Process
• Solvency II as business as usual
• The EC's Sector Enquiry into Business Insurance.
The LMA’s annual CEO lunch took place at 1pm today in the Adam Room of the Lloyd’s Building, London.
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