MRG 2008 Goals Unveiled

by Stewart Douglas

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The Market Reform Group has today announced that the London insurance market is well on its way to achieving its 2007 objectives, on the day it launched its targets for development over the coming year.

The announcement came along with the establishment of the markets’ key objectives for 2008, of which E-placing and electronic factors will play an increasing role, as the insurance market moves towards becoming more competitive and efficient on a global scale, with a view to more comprehensively facilitating trade levels.

Amongst other of the key objectives announced, to commence following the satisfaction of the key targets to be achieved over the 2007 term, is the furtherance of contract certainty performance, which it is hoped will follow on from the 2007 initiative in order to bring increased certainty to all insurance transactions processed through the London market.

“During the last year, the market has once again demonstrated that by working together we can achieve our goal of modernising the way we work and ensuring a better level of service for our customers,” said Lloyd’s chief executive Richard Ward.

“Against the backdrop of difficult circumstances I am delighted with the progress that has been made on ECF and A&S. This momentum must continue in 2008″.

Meanwhile Stephen Riley of the International Underwriters’ Association said that the objectives would help develop the London market and ensure it remains top of the pile.

“The MRG work plan is focused on the most pressing issues, and will maintain successful cross market collaboration. Delivering these projects will be another milestone on our journey towards ensuring London is the market of choice.”

Whilst the London insurance industry is considered to be one of the leading markets worldwide, the ongoing MRG aims to ensure continue growth and development in line with key strategic development opportunites to enhance competitiveness and service.