LMA focuses on digitisation, regulatory advocacy, and talent development in 2025 priorities

The Lloyd’s Market Association (LMA) has announced its strategic priorities for 2025, aiming to ensure that Lloyd’s, a market for commercial and specialty insurance, maintains its global position.

Lloyd’s operates as a hub for insurance syndicates and brokers, providing coverage for a wide range of complex risks across the globe.

The LMA represents the interests of these syndicates, advocating for initiatives that strengthen the market’s efficiency, regulatory compliance, and innovation.

For 2025, the LMA’s priorities will focus on advancing digitisation through Blueprint Two and data standards, regulatory engagement across the UK, EU, and US, and fostering a diverse and inclusive culture while supporting early talent development.

A key focus for the LMA in 2025 is the continued progress of Blueprint Two, an initiative aimed at simplifying and digitising the Lloyd’s market.

The LMA will maintain its efforts to ensure the safe and effective implementation of this strategy. Additionally, the LMA will work alongside the London Market Group’s Data Council to promote the adoption of data standards, with a goal of expanding core data records across all forms of placement.

Efforts will also be made to further digitise wordings, particularly through the development of computable binding authority contracts. Another significant priority for the LMA is regulatory advocacy, which will be a key focus during the first half of 2025.

The LMA will launch a new programme to engage with regulatory bodies in the UK, EU, and US, advocating on behalf of its members.

This includes building on previous work with the Financial Conduct Authority to ensure commercial and specialty insurance businesses are properly differentiated from other types of insurance in regulatory terms. The LMA will also continue its collaboration with Lloyd’s on regulatory matters, particularly concerning the delegated underwriting strategy, proposed capability frameworks, and improvements to the Principles for Business Oversight (PBO) framework.

The LMA will also continue its advocacy for the outcomes of technical reports issued in 2024, which addressed key areas such as enhanced underwriting, capital oversight, and navigating the transition of the insurance market.

The LMA will work to promote these recommendations and continue publishing thought leadership pieces to enhance the reputation of Lloyd’s as a global leader in technical expertise within the commercial and specialty insurance sectors.

In addition, the LMA will continue to focus on building a strong and inclusive culture within the Lloyd’s market. For 2025, there will be a particular emphasis on increasing the representation of women in underwriting leadership roles. The LMA will also maintain its commitment to technical training programmes, with a specific focus on developing early talent in claims, as part of a broader effort to support the growth and diversification of the industry.

Through these initiatives, the LMA aims to ensure that Lloyd’s remains a dynamic and forward-thinking marketplace, capable of adapting to emerging challenges while continuing to provide innovative insurance solutions to a global clientele.

Sheila Cameron, Chief Executive Officer of the LMA, added: “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.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.