Insurance Market To Back Reform

Monday, November 20, 2000
The International Underwriting Association, Lloyd's and the Lloyd's Insurance Brokers' Committee have unveiled a jointly agreed program to reform business processes in the London insurance market. More than 350 organizations that form the market - insurance and reinsurance companies, Lloyd's syndicates and brokers - will now be asked to sign up to a document indicating support for the principles of the program. The report, London Market Principles 2001 (LMP2001), is based on a consultation document published in May, amended to accommodate the extensive feedback received. Ownership of the reforms extends widely across the market, with the common aim to improve customer service, speed up the way the market operates, and create long-term cost savings. LIBC chairman Simon Harrap said brokers welcomed the changes. "Our customers still want to use London, but they are put off by our out of date working practices. I am confident this reform package will give us the necessary impetus to remain a world class center." The IUA-Lloyd's Forum was set up in July 1999 with the remit to make London more attractive internationally, and was soon joined by the broking community. In May a Forum working party produced a discussion document setting out radical reforms to business processes, which was followed by consultation over the summer. Several hundred formal and informal responses were considered, and several market meetings were held to explain the reforms and obtain feedback. The following organizations have already signed LMP2001: Aon Group Ltd B F Caudle Beazley Furlonge Ltd Benfield Greig Ltd Catlin Underwriting Agencies Ltd DP Mann Ltd GE Frankona Reinsurance Ltd Hiscox Syndicates Ltd Jardine Lloyd Thompson Group Norman Butcher & Jones Group Ltd RJ Kiln & Co Ltd Wellington Underwriting Agencies Ltd. Willis Limited
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Finance

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

India May Add Japanese Soryu-Class Submarines to its Fleet

India is reportedly considering a project to incorporate six Japanese Soryu-class diesel-electric submarines into its fleet, says The Japan Times.   The Defense

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3777 sec (3 req/sec)