London Market: LIIBA is Thinking Global After Brexit

Helping its members deal with the Covid-19 pandemic and supporting post-Brexit trading will continue to be priorities for the London and International Insurance Brokers’ Association (LIIBA), the trade body said today. Speaking as LIIBA published its agenda for 2021, Christopher Croft, CEO, said: “2020 was an unprecedented year but Covid-19 did not stop the London insurance market, nor did it stop the work of LIIBA.

“While dealing with the effects of the pandemic turned out to be our primary focus last year, one of our key priorities in preceding years – supporting members’ adoption of electronic trading – provided a vital foundation for the market to function in lockdown.  In addition, we worked closely with government and the Financial Conduct Authority (FCA) to agree pragmatic changes to insurance regulation and supervision to enable remote working.

“Covid-19 will continue to be a focal point for our members in 2021. We will be at the heart of discussions about how to return to a physical trading environment that preserves London’s unique offerings without losing the efficiency gains the pandemic has accelerated.

“Having seen our industry’s reputation take some knocks during the pandemic, brokers are keen to promote the social good that insurance can deliver, such as our support for the UK’s Covid-19 vaccination programme.

“We will also work closely with members to support their Brexit solutions as they bed down into normal operation. More than 50 of our members now have a new EU entity in their group.  Importantly, we will begin to consider how we might influence the evolution of our trading relationship with EU for services.”

From its 2020 agenda, LIIBA has delivered other tangible successes including:

  • Providing the voice of the broker and the client in the discussions around the Future at Lloyd’s proposals.
  • Continuing to help members achieve their professional development requirements.
  • Responded to multiple FCA consultations and HM Treasury debates.

Looking ahead to 2021, Christopher Croft said: “With Brexit negotiations concluded, we’ll be working with members to seek opportunities for them to develop new markets.

“Supporting our members in creating more inclusive cultures in the workplace is also high on our agenda. We will expand our training on these topics, particularly so we can involve our smaller members who might not have the resources in-house to run their own training.  We are also keen to facilitate knowledge sharing between our larger members, who have more resources to dedicate to  diversity and inclusion, and our smaller members.”

Other specific initiatives agreed include lobbying against potential rises in Insurance Premium Tax and improve the efficiency of delegated underwriting.

About alastair walker 12568 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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