The committee proactively identifies emerging issues, trends and areas of concern relevant to market practitioners, bringing them forward for discussion at the committee’s forum.
Underinsurance and extreme weather events
The committee monitors the impact of climate change and extreme weather on commercial property insurance. Underinsurance is a growing concern as rising risks outpace coverage, especially in flood-prone areas. The committee works to develop improved risk models and policy wordings to address these emerging challenges effectively.
The LMA’s DARE Computable Binding Authority Agreement (CBAA) initiative addresses key issues that the committee faces, such as improving operational efficiency, enhancing data accuracy and streamlining the underwriting process in commercial lines. The committee’s members provide critical feedback on the modular components being developed in the CBAA, ensuring that the needs of the commercial property and casualty market are met.
The committee liaises with Lloyd’s Complaints and the Financial Services Ombudsman Service (FOS) to address customer complaints within commercial property and casualty lines. This ensures effective resolution of disputes, enhances market practices and supports the development of fair, transparent policy wordings that comply with regulatory standards.
The committee helps to develop and issue LMA wordings for use across the market. To receive email notification of new wordings, please subscribe.
19 Jan 2023
19 Jan 2023
07 May 2020
21 Nov 2019
21 Nov 2019
LMA3140B
