Latest headlines

Which will happen first; Sustainable nuclear fusion or Lloyd’s Market Reform?

Let us pray the market doesn’t fall any further behind the world of scientific discovery; it would be embarrassing to see a day when brokers can teleport into the underwriting room at Lime Street only to be forced to wait for five hours behind a queue of people weighed down in paper.

It’s not often that particle physics and Post Magazine meet on the same intellectual plane but today, these two were intrinsically linked by the ‘news’ that the Lloyd’s insurance market still won’t use computers to do business. In a report so often heard, it seems that despite obvious progress – policy adjustments, endorsements and a small amount of e-trading enabled – Lloyd’s remains a very paper-based place.

As a result, it is likely that in 2010 the insurance market will be overtaken by mankind’s search for limitless  energy through nuclear fusion as this report from Radio 4’s Costing the Earth explains.

Post’s feature about Lloyd’s market reform hits the right tone between enthusiasm for the achievements made so far by the London Market group, and a healthy skepticism from those who think the market’s heart isn’t really in it and that electronic trading is still a fantasy.

But it really is a shame that the market appears to be dragging its heals on process reform as a further story today has reported how London has fallen to third in the global league table of international insurance marketplaces, behind Hong Kong and New York.

Let us pray the market doesn’t fall any further behind the world of scientific discovery; it would be embarrassing to see a day when brokers can teleport into the underwriting room at Lime Street only to be forced to wait for five hours behind a queue of people weighed down in paper.

About Ralph Savage (137 Articles)
Insurance and legal journalist Ralph Savage has written extensively for the financial and professional services sectors, most notably as News Editor of Post Magazine. He ghost writes regularly on behalf of FTSE 250 CEOs, leading counsel and senior professionals including solicitors, insurers, accountants and brokers.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: