Can London maintain its status as a global insurance hub once the UK officially leaves the EU?
For Lloyd’s CEO Inga Beale, the insurer and the entire London market will be able to adapt to the new environment after the Brexit move.
“Many people have asked since Friday whether London can expect to maintain its position as the global heart of specialist insurance and reinsurance. I strongly believe it can,” Beale said in an article she wrote for the Financial Times.
“The challenge for Lloyd’s, and the industry as a whole, is to ensure our platform remains attractive and to demonstrate that we are best placed to provide businesses with the risk transfer products they need,” she added.
Beale said the London market would preserve its status if it can continue to attract the best talent across Europe and the globe.
While the industry should do its best to progress negotiations with the EU as quickly as possible, British government officials should lead the way, Beale said.
She noted that the London insurance market has over 350 companies and 48,000 workers, making it the largest global hub for commercial and speciality risk that controls £60b of gross written premium.
“That is why it is incumbent on all politicians to show leadership and bring negotiations to a swift and satisfactory conclusion. Uncertainty will slow down investment and stifle economic growth,” Beale said.
“The government must start the withdrawal negotiations now, and with authority. MPs are elected into public office to lead. Now, they must do so.”
As the government evaluates its next steps, Beale said Lloyd’s will press ahead by implementing its contingency plan, which aims to continue trade in key European markets.
Until the Brexit process is complete, Beale said it will be business as usual for Lloyd’s through 2017 and no existing policies will be affected.
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