Six Elected to JPGC at Lloyd’s Market Association

The latest info from the LMA for you;

The Lloyd’s Market Association (LMA) and International Underwriting Association (IUA) are pleased to announce the results of the recent election for the Joint Power Generation Committee (JPGC). Following the ballot, six individuals have been elected by committee members to serve as members of the committee for a three-year term.

The JPGC plays a vital role in shaping best practices and addressing key issues in the power generation insurance sector. The elected members bring a wealth of expertise and experience to the committee, ensuring effective representation for both Lloyd’s and company markets.

The elected members are:

• Carl Bennett – CNA Hardy (LMA)
• Peter Cranston – AIG (IUA)
• Rebecca Friel – Travelers (LMA)
• Mark Pettersen – Argenta (LMA)
• Alex Priestley – Lancashire (LMA)
• Lindsay Waller – MS Amlin (LMA)

In the year ahead, the JPGC will focus on the following key priorities:

• Seeking to address the issue of obsolescence: The JPGC seeks to assess the impact of ageing infrastructure and outdated equipment on underwriting and risk management. This includes identifying potential coverage gaps, evaluating the insurability of older assets and exploring strategies to mitigate risks associated with obsolete technology in power generation.
• Supporting the transition to renewable energy: As the market shifts towards sustainable energy solutions, the JPGC will work with stakeholders to better understand emerging risks and coverage needs. The committee hopes to continue to provide guidance on underwriting considerations for renewable energy projects, supply chain vulnerabilities and evolving regulatory requirements.
• Monitoring and educating on emerging power sources, for example, fusion energy: With advancements in power generation, including fusion energy and other new technologies, the JPGC will track developments and assess their impact on insurance. The committee aims to provide insights to help underwriters navigate evolving risks and ensure the market is prepared for the future of power generation.

The LMA and IUA extend their gratitude to all those who participated in the election process and congratulates the new members on their appointment.