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London Presses On With Market Reforms

One of the most critical issues facing the London market today is the reform of its worryingly outmoded and antiquated practices.

The London Market Brokers Committee is one of the keenest advocates of reform. Its London Market Principles proposals are designed to bring London in line with the rest of the modern world, to raise standards and promote best practice within the market as a whole. LMP focuses on three key issues: the timely issuance of policies and the speedier payment of both premiums and claims.

It has been calculated that the London market currently requires an average 235 days to provide policy documentation, 180 days to pay a premium and 110 days to pay a claim. This clearly reflects how far London has fallen behind the competition in the United States, Bermuda and continental Europe, where the corresponding statistics are fractions of the above.

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