Access to rapidly growing markets and the world’s best talent should be the main concerns of the next government to ensure that London will continue to thrive, according to Lloyd’s chief executive Inga Beale.
Several weeks before the General Election, Beale called on the next leaders to improve London’s access and links with international markets, while fostering a diverse workforce, to maintain insurers’ growth and their contributions to the economy.
“We ask the government for reassurance that access to talent and wide ranging trade deals with fast growing economies will be top priorities,” Beale wrote in an opinion piece for City A.M.
“To effect real change, we need a government that understands these issues and won’t stand in the way,” she also said.
Beale warned that London’s ability to trade with other markets was getting worse due to rising protectionist sentiment around the world.
Citing new research from the London Market Group (LMG), Beale said London’s share of insurance growth has declined in emerging market regions, which is a “real cause for concern.”
“If we’re going to turn this situation around we need better access to these fast growing markets,” Beale said.
Apart from market access, Beale said the industry also needs to attract global talent and have a diverse workforce.
According to Beale, the same LMG study showed that the overall share of female insurance workers in London has fallen from 43% 41%. Also, only 20%of employees are less than 30 years old in the industry.
“The facts speak for themselves. We need to do much better. Change is long overdue,” Beale said.
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