PPL SETS GUIDANCE TO ENCOURAGE SUBMISSIONS TO BE MADE ON SYSTEM

Lloyd’s is moving towards setting targets for submissions in PPL as it looks to increase electronic trading, according to a report in Insurance Day. PPL chairman, Bronek Masojada, said a formal target for submissions could be set as early as the fourth quarter of the year. At present, syndicates have quarterly targets for risks bound electronically but not for submissions. It comes amid concerns that too many risks are not entered on to PPL at submission stage and are done so after they have been bound, known as “backfilling”. Work is under way to reduce this, Masojada said. Guidance has today been issued on best practice for PPL in part to encourage the submissions to be made on the system. This will be followed by formal targets. “Backfilling is being addressed. I hope we will come up with a formal target in Q4,” Masojada, who is also chief executive of Hiscox, said.