Lloyd’s has also announced that a new form of slip for writing risks will come into operation in January. CEO Nick Prettejohn says the “comprehensive and consistent” new slip will significantly improve business processes by ensuring greater clarity of contractual terms. He expects that to improve the quality of insurance documentation and deliver an improved service to brokers and policyholders.

The new London Market Principle slips will include a unique market reference; risk details; a subscription agreement; information provided to the underwriter to support the assessment of the risks; and fiscal and regulatory details.

Lloyd’s Head of Business Process Reform Iain Saville says the market will introduce sanctions for any non-compliant parties.