Lloyd’s Market Association (LMA) News

Warming Arctic Is Key to Understanding Climate Change Risks, Experts Say

HONG KONG/BRUSSELS – The environmental transformation happening in the Arctic is key to understanding the potential global impacts of climate change, an Alaska Native leader and a polar explorer told the Reuters Next conference on Monday [Jan. 11]. With climate …

Lloyd’s Market Assn. Launches Delegated Authority Group to Set Future Business Model

The Lloyd’s Market Association (LMA) has launched a Delegated Authority Committee (DAC) to inform and guide the evolution of this important aspect of Lloyd’s underwriting, distribution and claims. Delegated authority business currently accounts for roughly 40% of the market’s annual …

Lloyd’s Market Association to Close Office in Response to COVID-19

The Lloyd’s Market Association (LMA) is closing its office from Tuesday March 17 until the end of March in response to the COVID-19 outbreak. While its “Work From Home Business Continuity Plan” is operational and the office is closed, the …

Shipping Industry and Insurers Face Uncertain New Fuel Risks and Rules

Faced with imminent new global marine pollution rules, shipping companies and insurers are puzzling over the risks. To reduce emissions of toxic sulfur that cause premature deaths, shipowners who have long relied on the dirtiest residues of oil extraction will …

Lloyd’s Culture Survey Reveals ‘Ugly’ Levels of Sexual Harassment

Lloyd’s announced the results of its culture survey, which was commissioned in March in the wake of press reports of rampant sexual harassment in the market. The survey confirms that many women are enduring a toxic culture of harassment, which …

Lloyd’s, London Market Insurers Surpass Q2 Electronic Placing Targets

More than half of in-scope market risks were placed electronically in the London and Lloyd’s markets during the second quarter, surpassing targets placed on the Platform Placing Ltd. (PPL) and other recognized electronic placement systems. The target for this quarter …

Oil Tankers in the Persian Gulf Face Highest Risk Since 2005

Not since 2005 have the world’s insurers considered shipping in the Persian Gulf so dangerous for oil tankers. The Joint War Committee of London’s Lloyd’s Market Association said Friday that it would expand its so-called “listed areas” — those regions …

London Marine Insurers Expand Middle East Threat Zone After Saudi Ship Attacks

London’s marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums. …

London’s Marine Insurers to Assess Risk Level After Ship Attacks in Middle East

London’s marine insurance market will meet on Thursday to assess whether it needs to change the risk level for vessels in the Gulf after an attack on ships off the United Arab Emirates earlier this week, a senior official said …

Lloyd’s Comments on Reports of Rampant Sexual Harassment in the Marketplace

In the era of #MeToo when the ills of sexual harassment are regularly in the news, a recent article published by Bloomberg Businessweek indicates that some men working in the London insurance market still haven’t gotten the message about appropriate …