Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Christopher Croft and we will be looking at the London and International Insurance Brokers Association or LIIBA and the role they play in the insurance market.
We start by discussing some of the projects Chris has been involved in, he highlights three key projects, producing the first London Matters report in 2014, filing the form that incorporated Placing Platform Limited which is now the predominant electronic trading platform in London and convening the first meeting of the working group to try and develop a way in which insurance linked security business could be written in London.
We go on to discuss the role LIIBA play in the market. Chris explains there are two main roles. "Our role splits more or less neatly into two halves is part lobbyist and part expert analyst and input into market debate". The lobbying aspect is the crucial role of representing the interests of their members to government. One example Chris draws on is during the pandemic they have been talking to the government around the possibility of having some sort of private/public partnership that will allow event cancellation insurance to be written again so that live music events and conferences and weddings even can start happening again. The role of expert analyst relates to them playing a role in shaping regulation that will impact the market and weighing into debates with the interests of their members and the market as a whole in mind.
We then discuss the three biggest issues facing Lloyd's brokers from the perspective of Chris and LIIBA. Chris identifies them as; maintaining the efficiencies post-COVID, Brexit and the changes that brings and finally the modernisation of Lloyd's.
Chris goes on to mention the overarching importance of insurance. "there is a theory that if you were to start again from scratch to create a global economy the first thing you'd do is open up a patent office and the second thing you'd do is open an insurance company because economic activity only works if people can protect their intellectual property and take risk and I don't think enough people in governments understand how pivotal insurance is".
We hope you enjoyed this episode of Insurance Covered, and many thanks to Chris for joining us.
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