Search
 

London Presses On With Market Reforms

London Presses On With Market ReformsOne of the most critical issues facing the London market today is the reform of its worryingly outmoded and antiquated ...

By Nigel Roberts | Updated on September 02, 2002

London Presses On With Market Reforms

One of the most critical issues facing the London market today is the reform of its worryingly outmoded and antiquated practices.

The London Market Brokers Committee is one of the keenest advocates of reform. Its London Market Principles proposals are designed to bring London in line with the rest of the modern world, to raise standards and promote best practice within the market as a whole. LMP focuses on three key issues: the timely issuance of policies and the speedier payment of both premiums and claims.

It has been calculated that the London market currently requires an average 235 days to provide policy documentation, 180 days to pay a premium and 110 days to pay a claim. This clearly reflects how far London has fallen behind the competition in the United States, Bermuda and continental Europe, where the corresponding statistics are fractions of the above.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.