“In addition,” Croft said, “we worked closely with government and the Financial Conduct Authority (FCA) to agree pragmatic changes to insurance regulation and supervision to enable remote working.”
The COVID crisis will remain a focal point for members in 2021, he said, and LIIBA will be involved in discussions about how to return to a physical trading environment which combines London’s unique offerings with the efficiency gains the pandemic has accelerated. Croft noted that the industry’s reputation has taken some knocks during the crisis and that brokers are keen to promote the social good that insurance can deliver.
“We will also work closely with members to support their Brexit solutions as they bed down into normal operations,” he said. “More than 50 of our members now have a new EU entity in their group. Importantly, we will begin to consider how we might influence the evolution of our trading relationship with the EU for services.”
Looking back on its 2020 agenda, LIIBA highlighted several successes it has delivered including providing the voice for the broker and clients in discussions around the ‘Future at Lloyd’s’ proposals, continuing to support members in achieving their professional development requirements, and its response to multiple FCA consultations and HM Treasury debates.
In 2021, Croft said that, with Brexit negotiations concluded, the association will be working with members to seek opportunities for them to develop new markets. Also on the agenda is supporting members in creating more inclusive workplace cultures, he said, and LIIBA will expand its training on these topics to involve smaller members who might not have access to in-house training resources. LIIBA will also look to facilitate knowledge-sharing among the larger and smaller members of the organisation.
Other key initiatives agreed for 2021 include lobbying against potential rises in Insurance Premium Tax and efforts to improve the efficiency of delegated underwriting.