Non-complex claims of up to £250,000 ($445,685) will be settled in a more efficient manner after the introduction last week of the Single Claims Agreement Party, Lloyd’s says.

The contractual arrangement is designed to facilitate quick and efficient authorisation of claims that have multiple London agreement parties.

Such a set-up can reduce expenses for brokers and carriers, potentially allowing significant savings.

“In a competitive global sector, customers want and expect the London market to be easier to do business with,” Lloyd’s CEO Inga Beale said.

“By ensuring the most critical part of our business offer, the resolution of claims, can be done in a more straightforward manner, this will mean London can continue to remain an attractive proposition.”