The Voice of Insurance Ep275 Christopher Croft, LIIBA: Where Innovation Happens
Nov 4, 2025
In this engaging discussion, Christopher Croft, Chief Executive of LIIBA, shares his insights on the pivotal role Lloyd's brokers play in fostering innovation, often overlooked by regulators. He explores how the Market Reform Programme has shaped the London Market and advocates for better recognition of brokers' risk expertise in trade policy. Croft emphasizes the need for data sharing and collaboration in InsurTech, while also highlighting LIIBA's initiatives in diversity and inclusion. His down-to-earth humor makes complex regulatory topics accessible and entertaining.
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Early Regulator Role Exposed Limitations
- Christopher recounted early work at the Personal Investment Authority handling scams that regulators couldn't resolve.
- That experience shaped his view on consumer vulnerability and limits of regulatory power.
Brokers Are Misunderstood By Regulators
- Governments and regulators often misunderstand specialty brokers and treat them as mere distribution costs.
- This misunderstanding leads to poor policy outcomes and restrictive licensing that stifles innovation.
Innovation Often Happens At The Broker-Client Edge
- Brokers are the place where risk identification, modelling and mitigation strategies happen, not just product sellers.
- Much innovation in insurance occurs when brokers persuade clients not to buy insurance and instead adopt smarter mitigations.
