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Delegates welcomed the FCA’s red-tape cut, but said more is yet to come. -
Lloyd’s CUO said established broker facilities were “big enough”.
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The CUO noted that market-wide rate change in Q1 was down 3.3%, coming in below plan.
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The platform could help reduce claims-cash holding times by 10 weeks.
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The consultation is a “welcome change of approach” from the regulator.
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Aviva and Direct Line struck the landmark deal in December.
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Plans include a new definition of commercial customers and lead insurers compliance only.
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The group said corporations face geopolitical and climate risk.
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Pushing through technological change and maintaining underwriting results are top of agenda.
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The proposals consist of supervisory expectations rather than rules.
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Full Vanguard testing is expected to compete by the end of the year.
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Risk managers at last week’s Axco summit said interconnected global risks require flexibility.
