Aviation risks go live on London Market PPL
The board of London Market Group’s PPL, an electronic placing platform launched in July 2016, has revealed that the aviation classes of business have gone live on the platform.
The action follows Lloyd’s recent mandate for electronic placement, requiring syndicates to write no less than 10 percent of its risks electronically. This target will rise by 10 percent each quarter until the fourth quarter of 2018 to reach 30 percent.
"With only reinsurance and verticalised placements left to go, this latest release means that underwriters and brokers are able to quote and bind risks across most of the markets," said Bronek Masojada, chairman of the PPL Board. "This is key to our goal to drive adoption from current levels to 30% of London risks by the end of 2018.
Masojada added: “The data in recent weeks show an uptick in activity, with the last day of May seeing more users logged on than ever before. We hope that the considerable activity between market practitioners across different classes of business to help them agree the processes around using the platform will build on this trend. However, there needs to be a greater focus on using the platform from the first submission so that our clients can benefit from a fully digitised market.”
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