LMA - Political Risks Committee

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Political Risks, Credit and Financial Contingencies Committee

The Political Risks, Credit and Financial Contingencies Committee represents and promotes the interests of the writers of these complex and globally influenced classes of business. Consisting of the majority of Lloyd’s underwriters in these classes, the committee provides strategic and technical support to ensure that Lloyd’s remains a leading market for political and credit risk coverage.

Committees » Non-Marine

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Committee

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David Powell

Head of Technical Underwriting

Committee secretary

Leigh Allen

Executive, Technical Underwriting

Committee secretary

Julian Barker

Chair

James Wilson

Deputy Chair

Key issues covered

The committee addresses evolving geopolitical, credit and economic exposures while supporting underwriters with clear wordings and risk insights. A key focus of the committee is responding to Lloyd’s market oversight reviews, ensuring classes remain sustainable, well-performing and aligned with regulatory expectations.

Bank capital regulatory issues

The committee reviews global banking rules, particularly Basel frameworks, to advocate for the recognition of credit insurance as an effective credit risk mitigant. This work supports the role of insurers in structured finance, ensuring the support of the London market remains viable for banks under tightening capital adequacy requirements and regulatory scrutiny.

Education and training

The committee supports the development of training programmes and initiatives aimed at enhancing market expertise in political risk, credit and financial contingencies.

Wordings

The committee helps to develop and issue LMA wordings for use across the market. To receive email notification of new wordings, please subscribe.

10 Aug 2022

LSW1950 – Loan Market Association Credit Risk Insurance Policy

01 Nov 2020

LMA5427B – Political Risk Cyber Endorsement

01 Jul 2020

LMA5539 – Affirmatory Cyber Clause (for use with Political Risk, Credit, and Financial Guarantee Policies)

01 Mar 2020

LMA5408 – Cyber Risks Endorsement (for use with Political Risk, Credit, and Financial Guarantee Policies)

01 Jan 2015

LMA3138D – Comprehensive Contractors Plant Insurance – Political Risks (CCP)

Committee insights

LMA announces new members of Chief Underwriting Officers’ Committee

Replay – Emerging Legal Trends in Respect of Ultra Processed Foods

Quantum Cyber Risk Conference: Presentation Slides

Upcoming events

For events hosted online, joining instructions will be emailed to all registered attendees closer to the date of the event no later than 24 hours prior to commencement.

View more events

Focus on the Future – Building Skills Claims Conference

In collaboration with the IUA and LIIBA, the LMA is excited to invite early talent claims professionals to Focus on the Future: Building Skills Claims Conference.

Dispelling the Myths and Misunderstandings of Insurance Law

The LMA invites members to a session designed to dispel the myths and misunderstandings of insurance law.

Zywave Horizon: Cyber Risk Conference

Chris Mather, Senior Executive in Technical Underwriting at the LMA, will be speaking on the panel From Promise to Payoff: SME Cyber Roundtable, which will explore the opportunities and challenges associated with increasing cyber insurance uptake among small and medium-sized enterprises (SMEs).

Useful links

Notable projects

The committee has set up a Lessons Learnt Working Party to facilitate the drafting new model wording(s).

A further working party is collaborating with Lloyd’s and a third- party provider to develop a new market RDS.