The London Market Group (LMG) today released its manifesto for growth and modernisation to respond to the challenges of a changing global re/insurance market. This recognises that, while modernisation is critical, London must do more in parallel to promote its strengths as the preeminent global insurance market. This manifesto lays out a series of concrete actions that will move the market forward.
Nicolas Aubert, Chairman of the LMG said: “The need for London to speak with a single voice and take definitive action on a number of critical issues is becoming increasingly important – a fact highlighted by the UK’s decision to leave the EU. This is an area where the LMG has been very active and visible in the last several months – representing the market with Ministers and Parliament, to ask for swift action to obtain agreement from the EU on the retention of the vitally important passporting arrangements.
“I am delighted to say the LMG has made great progress across our four workstreams in the last year, progress driven by the unprecedented levels of market support around different projects. The successful launch of PPL is a case in point – there is active trading taking place and the next major lines of business to be rolled out are well under way. Brokers and underwriters are united in their support for taking cost and inefficiency out of the process. In terms of growth, the government’s recent letter on the new ILS legislation is tremendously positive in helping to create a whole new market here in London.
“We want to maintain this momentum, which is why we are being specific and transparent about our deliverables for the next six months. By the end of 2016, we will have completed market research to give us a deeper understanding of our buyers and their perceptions – and we will have refreshed the data from the London Matters report. This will provide us with more insights to move forward.
“This new world is challenging, but it also offers opportunities to make some very positive changes that will allow our unique marketplace to grow and thrive. We have a window of opportunity to make some substantial strides to increase our competitiveness, we need to seize the moment and move forward with increased enthusiasm.”