“Brokers are now significantly more positive about conducting business at Lloyd’s than two years ago,” according to a survey of the Lloyd’s market from part of the Gracechurch London Market Study 2010, an independent annual study by an insurance consultancy.
The bulletin explained that “Gracechurch Consulting interviewed 301 London Market brokers in-depth to ascertain their satisfaction levels with the business processes available when placing insurance at Lloyd’s. Leading London Market insurers also use the study to benchmark their own service performance.
“The study reveals a leap in number of London Market brokers who are favorable to transacting business at Lloyd’s in the next three years. 84 percent say they are very positive in 2010 compared with 67 percent in 2008.”
Among the other key findings of the study were the following:
– Reinsurance brokers are the most positive about Lloyd’s as a market in which to do business – 91 percent of those reinsurance brokers interviewed feel very positive about using Lloyd’s as a market.
– On all business processing measures tested, the overwhelming majority of brokers now rate Lloyd’s as on a par with, or outperforming other markets. In particular brokers say that Lloyd’s performs ahead of other markets on:
— Obtaining quotations– 72 percent of brokers say that Lloyd’s is better than other markets
— Agreeing a final risk acceptance – 61 percent of brokers say that Lloyd’s is better than other markets
— Processing and settling claims – 42 percent says that Lloyd’s is better than other markets
David Gittings, chief executive officer of the Lloyd’s Market Association (LMA, – www.lmalloyds.com) commented: “This independent research is great news for managing agents at Lloyd’s whose hard work and commitment has been reflected in broker satisfaction being at an all time high. The market has embraced process reform and can now demonstrate not only its strong underwriting and claims performance, but also that it is one of the most efficient markets in the World.”
David Ibeson, chief executive officer of Catlin Underwriting Agencies Limited, which manages one of the largest syndicates at Lloyd’s, added: “This survey affirms that brokers find Lloyd’s a very attractive and efficient marketplace in which to place their clients business.”
Source: Lloyd’s Market Association