8th February, 2017
Today the London Market Group announced the latest adoption and usage figures on its electronic trading platform, PPL, demonstrating a positive trend in market adoption as more classes of business come on line.
Terrorism and Financial and Professional lines are growing strongly on PPL. More than 1,600 risks have been bound and 2,762 endorsements made. 75 carriers including three MGAs and 18 brokers are signed up to use the platform.
Total number of risks bound by renewal month w/c 23rd Jan
David Ledger, Chairman of PPL said: “Making London an easier place to do business is vital if we are to protect and grow our market share, and PPL is a critical part of the market’s modernisation programme. The combination of electronic placement and face to face negotiation means that market participants can reduce their administrative burden, while maintaining the personal interaction that is a key differentiator of the London Market.
“The numbers have risen consistently month on month building a positive trend of adoption. We estimate that 66% of the open market Financial and Professional Lines risks placed by in-scope brokers* are being written on PPL. The benefits of faster underwriting, more accurate document production, clear audit trails and ease of reporting are being recognised, and are helping us to deliver a better and more co-ordinated service to our clients.
“It is important we build on this good momentum and we are currently continuing to plan with the Marine market to get them on the platform. The introduction of further enhancements in April will provide additional functionality relevant to all classes. We will then look at other lines of business including Property, Casualty, Reinsurance and Aviation – working closely with market practitioners to ensure that all the issues specific to each line of business are considered before launch”.
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158
* In-scope brokers are the 10 brokers that went live with for Financial and Professional Lines
Read more here
Read Press Release
Property and Casualty business is now live on PPL. Read more here
The London Market Group (LMG) today announced the launch of its first ever campaign to promote London as the world’s insurance hub, providing buyers with a clear case for coming to London for solutions to the risks they face. Read more here
Press Release here
For full press release see here
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