Home / Financial Services/ Lloyd’s insurers exceed electronic trading target – report

Lloyd’s insurers exceed electronic trading target – report


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 14 May 2019 00:00

Facebook

LONDON (Reuters): Insurers in the Lloyd’s of London market have switched 45% of their business to an electronic platform ahead of target, the platform said on Monday.

The insurance industry has been slower to move to electronic trading than other parts of financial services. But Lloyd’s, which relies heavily on face-to-face trading, this month announced that it plans to launch two electronic exchanges from next year, building on the existing platform.

Lloyd’s, which is facing competition from cheaper rivals, introduced targets last year to speed up automation. Its syndicate members face charges if they fail to comply.

The target of a 40% switch of relevant business to Platform Placing Ltd (PPL) by the end of the first quarter was met or exceeded by 80% of members, PPL said. The next target is for 50% of such business to transfer to the platform by the end of June. However, a large chunk of business at Lloyd’s, including some types of reinsurance, cannot be carried out on the platform.Brokers also have to sign up to the platform by June, though some are reluctant.

“We have had a sharp increase in the numbers of brokers signing up,” said PPL Board chairperson Bronek Masojada.

“Nevertheless, the rate of growth is flattening and we cannot afford to get complacent.”

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

17 things ‘Avengers: Endgame’ teaches us about the state of our superheroes

Friday, 24 May 2019

Art imitates life. Even movies do. Maybe especially so. In these lean times, there’s nothing like a little laughter to stop the press, stem the blood pressure, ease that stress in life. So here goes. Trust you’ll take these tongue-in-cheek. Or pe


Sri Lanka needs urgent surgery!

Friday, 24 May 2019

Sri Lanka was on the slippery slope of a serious crisis, heading for a great disaster of the State, even before the outbreak of Easter Sunday attacks. Now, in the aftermath of the ruthless Easter Sunday attacks, the country’s crisis has become exac


Mangala, Monks, Mangala Sutta and Marx

Friday, 24 May 2019

In the Buddhist belief system, ‘Mangala’ means a ‘blessing’. In the abstract ‘Mangala’ denotes an ‘auspicious sign’. In the ‘Mangala Sutta’, the Buddha has enumerated 38 of the highest blessings that we must or should be guided b


Who built the Matara/Beliatta railway line?

Friday, 24 May 2019

In 2019, after 70 long years of independence, Sri Lanka succeeded in adding to the rail network left behind by the British when we extended the southern line from Matara to Beliatta, a distance of less than 20 miles. While the network left in place b


Columnists More