The London Market Group has published the 2024 edition of its London Matters research. This is the 5th edition of the study and is based on data prepared by Strategy&, a part of the PwC network, and which reviews the size and performance of the London insurance market and gives insight on the key issues that it faces today.
Sean McGovern, Chair of the London Market Group, commented “Although the London Market remains the largest hub of direct insurance and reinsurance when compared to other centres, its rate of growth has been slower than some of its key competitors and over the last decade its market share has remained broadly stagnant. So, we cannot take our place in the world for granted.
“London has historically been a hub of innovation, developing market-leading solutions in areas like cyber. As domestic markets develop their own solutions, however, business tends to migrate from London. To maintain its status, London needs to continue to drive new product innovation in areas like green technology and to ensure it can offer the full range of risk transfer tools.”
“To continue to punch above our weight there is an urgent need to create a regulatory environment that facilitates UK domiciled captives, demonstrating both at home and abroad that the market can respond swiftly and effectively”.
The London Market’s position cannot be taken for granted
Talent and skills shortages
Key facts about the speciality insurance workforce from the research.
Caroline Wagstaff, CEO of the London Market Group, said: “The concentration of talent in the London Market is one of its USPs. The intellectual capital and wealth of experience in risk mitigation and transfer amongst London Market businesses means that London provides technical expertise and experience that it is hard to replicate anywhere else.”
“If London is to remain the place where the world brings its risks, we need to take action at both a firm and market level to make specialty insurance a destination career for young people, delivering the diverse thinking that allows us to deliver solutions to current and future challenges.”
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