Broker lobby LIIBA seeks fresh rationale for Lloyd’s floor amid threats
The floor at Lloyd's "faces challenges" after having seen remote participation and trading fill the gap during the pandemic and will require a united effort amongst members to reinforce its role, the London & International Insurance Brokers Association (LIIBA) said as part of its 2023 action plan.
“The pandemic demonstrated that remote trading is possible if not always preferable,” the LIIBA said in its 2023 plan. Not just remote options have threatened to eclipse the Room, but “luxurious broker lounges” appearing in “most London insurer offices” have further stolen the stage. “We need to nurture the Room or it will be neutered,” the LIIBA said.
The LIIBA proposes working with fellow lobby group LMA and Lloyd's “to try and agree a common purpose and strategy for face-to-face trading” as the LIIBA promotes a belief that the room “can still have a role as the fulcrum of our marketplace.” Renewals may have thrived on lockdown, but new business could still benefit from “window shopping.”
Sides will have to speak increasingly to a generation of brokers who were ready for online remote work long before the pandemic gave it a man date, the LIIBA admits. A focus group for retaining the relevance of the trading floor will “reflect the changing demographics we are embracing.”
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