Digitisation is among the four priorities of the Lloyd’s Market Association in 2025, the organisation has reported.

All 55 Lloyd’s managing agencies, and all Lloyd’s members’ agents, are members of the LMA, which represents its members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s.

The LMA said: “Reinforcing its purpose to maintain the Lloyd’s market’s position at the forefront of global insurance, the LMA board has outlined that its priorities for the year ahead will include both Blueprint Two and data standards within digitisation; regulatory advocacy in the UK, EU and US; as well as culture and early talent.”

Sheila Cameron, chief executive of the LMA, said: “Our 2025 objectives reflect our commitment to build on Lloyd’s global reputation as the beating heart of insurance and reinsurance. We look forward to a busy and productive 12 months.”

The LMA said a simplified and digitised market has always been the end goal of Blueprint Two and the LMA will continue to focus on its safe delivery for the market in 2025.

“The LMA will continue to work in partnership with the London Market Group’s data council to drive data standards and lead the global commercial and specialty marketplace through the expansion of core data records into all methods of placement. Digitisation efforts will also focus on wordings, notably continuing work on computable binding authority contracts.”

The organisation said it will launch a new programme of regulatory engagement, formally engaging on behalf of its members with bodies in Britain, but also Europe and the United States.

In particular, the LMA said it will focus on leveraging its work with the Financial Conduct Authority in 2024 to differentiate commercial and specialty business from being regulatorily classified with all other types of insurance.

The LMA will also continue its regulatory work with Lloyd’s, with a particular focus on their delegated underwriting strategy, the proposed capability frameworks and ongoing enhancements to the Principles for Business Oversight framework.

The LMA said: “Building on the technical expertise reports issued in 2024 around enhanced underwriting, capital oversight and underwriting the transition, the LMA will lobby for the outcomes recommended.

“The LMA will also continue to issue technical thought leadership reports throughout the year, with the aim of further enhancing the Lloyd’s market’s reputation as the global technical leader in commercial and specialty insurance.”

The organisation added: “Culture will continue to be another major priority for the LMA, as it has been for several years. 2025 will have a particular focus on increasing the profile of female underwriting leadership across the market.

“The LMA will continue its leading technical training programme, with early talent in claims being a key area of focus.”