The London market is ahead of schedule in meeting contract certainty targets.
According to the International Underwriting Association (IUA), 93% of contracts in the London market were contract certain in July.
The FSA has stipulated that 85% of contracts need to be clearly agreed within a 30-day time limit by the end of 2006.
Dave Matcham, chief executive of the IUA, commented: “I am delighted that these latest figures show a very high level of contract certainty performance among IUA companies which I believe correlates with continuing progress by the London subscription market as a whole.
“We are not quite at the finishing tape yet. There is still work to be done on reducing the number of exceptions and late placements.
“I am convinced, however, that the reforms introduced are now becoming embedded business practice and will continue to operate beyond the end of 2006.”
John Hobbs, director of market services at the IUA, added: “A great deal of work has been done in recent months by individual project managers responsible for driving contract certainty reforms in their own organisations. Clearly these efforts are now bearing fruit.”
