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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

Finance

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics
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: 0.0629 sec (16 req/sec)