Continuing to move in the right direction

The London insurance market reform programme now known as LMP can be traced back to an article written in January 1999 by Tim Carroll, then newly-elected as chairman of the International Underwriting Association (IUA). In it, he complained that London was inefficient, opaque and frustrating for underwriters, brokers and their customers. He also wrote that the IUA (which represents the company market in London) should co-operate with Lloyd’s to streamline processes, create efficiencies and improve transparency. For the last six years the London insurance market has been grappling – often in a very public way – with how to modernise its processes and improve underwriting disciplines. These efforts, says Marie-Louise Rossi , chief executive of the International Underwriting Association (IUA), are at last paying off .