Our industry is constantly evolving – stay ahead of the curve

We live in fast changing times. At LMF, we are constantly looking to support our Practitioner Members in their understanding of our evolving industry. We continue to add new Practice Groups to our portfolio of forums, thereby supporting the growth and development of individual insurance professionals, as well as the market as a whole. Since the last Newsletter, we’ve added yet another new Practice Group, this time for Business Architects – those professionals who design and engineer our digital strategies and infrastructure for the future. This Practice Group has proven to be a big success and there are more in the pipeline – so stay tuned.

As technology and the global economy continues to advance and drive change, the insurance industry is adapting to meet the ever-evolving needs of our commercial clients. In today's insurance landscape, there are a number of developing classes of commercial insurance and as these develop, we’ll be here to support the professionals working in these classes.

One of the most interesting classes of commercial insurance is cyber insurance and our dedicated Cyber Leaders Practice Group comprises many of the markets leading underwriters and brokers, who meet quarterly to discuss the topical issues affecting that class, as well as hear from leading subject matter experts from the world of intelligence, Government, and cyber security. With the increasing dependence on technology and the internet in business operations, the risk of cyber attacks, data breaches, and other cyber-related incidents has become a major concern for our clients of all sizes and dedicated stand alone cyber cover is becoming the norm. Cyber insurance can help protect against financial losses resulting from such incidents, including the cost of restoring damaged systems, legal expenses, and public relations crises.

Another emerging class of commercial insurance is environmental insurance. As more companies adopt sustainable practices and become increasingly aware of the environmental risks associated with their operations, the demand for environmental insurance has grown. This type of insurance can help protect against financial losses related to pollution, natural disasters, and other environmental hazards, such as spills, leaks, and fires. There is also an associated need for coverage for ESG related activities under Directors & Officers Liability coverage.

The rise of social media has also brought about a new class of commercial insurance - social media insurance. Businesses today must contend with a range of risks associated with social media, such as online reputation damage, spread of false information and cyber-bullying. Social media insurance can provide coverage for public relations crises, legal fees, and other related costs, to mitigate the impact of these risks.

Lastly, Supply Chain Insurance is an emerging class of commercial insurance that helps to protect against financial losses due to disruptions in the supply chain. This can include losses related to goods in transit, customs issues, and supplier failure. With the growing interconnectivity and globalisation of businesses, supply chain disruptions can have a significant impact on a company's bottom line, and supply chain insurance can provide a safety net against these risks.

In conclusion, the insurance industry is constantly evolving to meet the changing needs of commercial clients and the London Market is world renowned for solving problems for the business community. The response during the pandemic to provide coverage for the transit risks associated with COVID-19 vaccines, is just one of examples of the creative ability of our market to respond to emerging risks in business and society.

As insurance professionals in a fast-changing business environment, it's important to stay informed about opportunities in the risk transfer market and have the chance to openly discuss and debate these with your industry peers. At LMF, we work passionately to create these forums to facilitate such discussions. London is known as a centre of excellence for underwriting and broking knowledge and in this new hybrid working environment, we must do all we can to ensure that there are as many learning and collaborative opportunities as possible.

If you're looking to stay up to date on the latest developments in the Market and contribute to the discussion, we invite you to attend one of LMF's interactive insurance events in 2023. These events:

• Bring together expert speakers from the world of business, science, academia and Government
• Discuss the latest trends, challenges, and opportunities in the industry
• Provide valuable insights for participants and the wider community
• Create networking opportunities for you and your businesses
• Don't miss out on the chance to learn from the best and stay ahead of the curve
• Free to access for all insurance market professionals

Roger A. Oldham - Founder & Managing Director at The London Market Forums.

Roger has over 30 years frontline experience in the London and international insurance markets at executive level. He is an experienced and qualified Mediator, having trained with the Chartered Institute of Arbitrators in London. He specialises in insurance disputes on a global basis, but is experienced in handling all forms of commercial dispute.

Roger is also know for founding and running the successful and popular Market networking and educational group, London Market Forums. The group brings thousands of professionals together every year. LMForums is free to access for all insurance professionals and is supported by a select number of quality industry suppliers and advisors. Roger also created the Market People Magazine and is the executive producer behind the very popular Market People Awards.

He is also a leader in operational excellence and business transformation, as well as a qualified coach, mentor and experienced trainer. He has been responsible for driving change in the industry all over the world. He is a regular speaker at industry related conferences about industry change, modernisation and operational improvement and runs two popular professional members' clubs.

During his career, Roger has been responsible for functions and teams at firms such as Aon, HSBC and Marsh. He has led claims teams, multi-region operations and change projects in the Middle East, Far East and North America.

He became one of Aon's leading claims troubleshooters, working with the Chairman's Office, travelling all over the world resolving disputes.