UK industry leaders set out their vision for the future of insurance in new Aon report

Global professional services firm  Aon has launched a new report,  The London Insurance Market: Beyond 2021, supported by the City of London Corporation.

The report comprises seven short essays from political and industry leaders on areas of focus and strategic importance for the London insurance market. It explores the industry’s growth prospects and future opportunities, with a focus on London’s international standing. Key topics include the need for innovation, the role of public and private sector collaboration, and the need to close the protection gap by preparing for future systemic risks.

The paper also addresses the required evolution of professional skills, looking at the importance of fostering greater inclusion and diversity, attracting more professionals with technology and IT backgrounds and ensuring a strong supply chain of skilled workers is accessible following Brexit.

Contributors include William Russell, Lord Mayor of the City of London; Catherine McGuinness, Policy Chair, City of London Corporation and Caroline Wagstaff, CEO of the London Market Group on London as a global insurance hub; John Neal, CEO, Lloyd’s of London on collaboration as the key to tackling the protection gap and creating a sustainable future; and Sean McGovern, AXA XL on the London insurance market's role in building resilience to climate change.

Julie Page, chief executive officer, Aon UK said: “Our report, supported by the City of London Corporation and with insights from a diverse selection of senior leaders working across the insurance sector, is focused on the essential questions we all need to be asking ourselves as we look beyond 2021. The insurance market is at a turning point; COVID-19 has proved one of the most challenging events in our sector’s history, which came at a time when there is also a pressing need for cultural and technological evolution. At the same time, the industry is very positive about the future of London as a global financial centre. We also have significant growth opportunities, with our sector pivotal in helping businesses, individuals and governments in managing the many new and changing risks they are facing. Our report reflects on these challenges and opportunities, outlining an optimistic vision for sector in 2021 and beyond, with London remaining at the heart of the global commercial re/insurance market.”

Lord Mayor of the City of London William Russell said: “London is home to the world’s oldest, most concentrated and globally connected insurance centre, which continues to grow, deepen and thrive.

“As this report shows, brokers across the world look to the UK to offer innovative solutions to address challenges like climate change and cybercrime, and I am confident we will continue to lead the global insurance market for many years to come.”

City of London Corporation policy chair Catherine McGuinness said: “The London insurance market makes up almost a quarter of the City’s GDP, employing nearly 50,000 people across the UK and contributing £37 billion annually to the UK economy.

“It's therefore a crucial part of the City's ecosystem, and one that will continue to flourish and lead the world thanks to the continued talent, innovation and expertise that exists within the sector.”

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