January’s Regulatory Roundup: Key Insurance Updates
January’s regulatory updates bring key developments in the insurance sector. The LMA has set out its 2025 priorities, emphasizing digital transformation, regulatory engagement, and technical expertise. Lloyd’s has introduced a new ‘Summary of Coverage’ service to improve policy transparency, while new frameworks aim to better assess under-modelled cyber risks. Additionally, efforts to expand Lloyd’s footprint in the US market continue. The latest Blueprint Two updates highlight ongoing progress in digital transformation, with key milestones ahead.
Lloyd’s Market Association (LMA) Sets 2025 Priorities
The LMA has outlined its focus areas for 2025, emphasizing digitization, regulatory advocacy, technical expertise, and cultural development. Key initiatives include advancing Blueprint Two, enhancing data standards, and engaging with regulators across the UK, EU, and US to support the Lloyd’s market.
LMA Releases Framework for Under-Modelled Cyber Exposures
A new report from the LMA introduces a framework to help insurers assess and manage lesser-known systemic cyber risks. The framework examines scenarios such as attacks on electronic healthcare records and maritime navigation systems, providing a structured approach to understanding these emerging threats.
LMA Aims to Expand Lloyd’s Presence in the US
Recognizing the significance of the North American market, which accounts for 58% of Lloyd’s premiums, the LMA plans to enhance engagement with US stakeholders in 2025. Efforts will focus on regulatory collaboration and promoting the Lloyd’s marketplace as a leader in complex specialty risks.
Lloyd’s Introduces ‘Summary of Coverage’ Service
In partnership with Accenture and mea Platform, Lloyd’s has launched a complimentary ‘Summary of Coverage’ service for managing agents. This service provides local policy information across approximately 80 territories, ensuring clients have clear documentation of their coverage to meet local requirements.
Blueprint Two Newsletter Highlights Key Updates
The latest Blueprint Two newsletter details the exit plan, progress reports, and upcoming deadlines, including the Treaty Core Data Record submission. Stakeholders are encouraged to review these updates to stay informed about the ongoing transformation initiatives within the Lloyd’s market.
Stay informed on these developments to navigate the evolving regulatory landscape effectively.