The London Market has reiterated its backing for the Acord exposure reporting and binding authority standards.
The London Market has reiterated it's backing for the Acord exposure reporting and binding authority standards.
The association said it has been working with groups and trade bodies to produce a workable version of the standards.
The implementation of Acord will begin with the binding authority business, and continue with the exposure business, it said.
Acord senior vice-president Susan Ousey said: "We chose London because it is extremely receptive to this, partly because it has a single processing system in operation.
"Following September 11 it was quite clear the industry was finding it almost impossible to identify their levels of exposure to risk.
"There were some that had systems in place that enabled them to identify their exposures in a matter of weeks. There are others that are still not fully aware of their exposures. Brokers have been asked to provide information and have done so in differing formats, which have made evaluation difficult.
"What Acord has done through its working groups is define a data standard that can be used for both US commercial property homeowners' open market and binder business."
