The London market has exceeded the first industry target for achieving contract certainty.
Lloyd's said latest figures reveal that 65% of all contracts agreed during December were certain, compared to the industry-set target of 30%.
Dane Douetil, chairman of the market reform group (MRG), the group responsible for modernising the market, welcomed the figures. But, he warned against complacency, stressing that much work still needed to be done.
Douetil said: “I cannot stress enough that this is our first and easiest target, and we cannot be complacent about the challenge that still lies ahead. Much like running a marathon, it's easy to get into your stride but the last few miles are by far the hardest.”
