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Context
The LMA has announced its 2025 priorities. Reinforcing its purpose to maintain the Lloyd’s market’s position at the forefront of global insurance, the LMA board has outlined that its priorities for the year ahead will include both Blueprint Two and data standards within digitisation; regulatory advocacy in the UK, EU and US; as well as culture and early talent. The LMA states that its 2025 objectives reflect its commitment to build on Lloyd’s global reputation as the beating heart of insurance and reinsurance, and that it looks forward to a busy and productive 12 months.
Key points to note and next actions
The announcement included the following details about the headline priorities:
- A simplified and digitised market has always been the end goal of Blueprint Two. The LMA will continue to focus on its safe delivery for the market in 2025, and will work to drive data standards and lead the global commercial and specialty marketplace through the expansion of core data records into all methods of placement.
- Regulatory advocacy will be a second focus 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 FCA in 2024 to differentiate commercial and specialty business from being regulatorily classified with all other types of insurance.
- 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 and will continue to issue technical thought leadership reports throughout the year.
- 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.