IUA: Market Reform Will Be Theme Of Renewal Season

Tuesday, September 09, 2003
Further important advances will be made in efforts to reform business processes in the London insurance market during this year's renewals season, according to the International Underwriting Association (IUA).

A number of projects within the London Market Principles (LMP) reform program will be reaching new stages of development in the coming months, making 1.1.04 renewals another potential landmark for modernization.

Work is now under way on an implementation outline for proposals to improve the speed and efficiency of accounting processes. The plans promise faster processing of premiums and claims and much improved customer service. A report by the LMP Accounting and Settlement Steering Group has also estimated that implementation of the changes could deliver cost savings of more than $79.5M a year.

Another important feature of the reform program expected to be prominent during the forthcoming renewals is an increased use of the new recommended LMP placement slip. Those new slips that are used should also be of better quality, containing more comprehensive information.

Last year's renewals showed more than 50 percent of business that began in London was completed using the LMP slip and by April 1 this figure had climbed to 70 percent.

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Wärtsilä's' Propulsion for Use with US Compliant ELA

Wärtsilä has developed propulsion systems that are capable of operating with Environmentally Acceptable Lubricants (EALs) and comply with the US Vessel General Permit 2013 (VGP-2013).

Finance

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1017 sec (10 req/sec)