London Needs to Find Its Way

Garret Gaughan, Head of Property & Casualty Centre of Excellence GB, Willis Towers Watson

The London insurance market has long held a disproportionately influential role in the global insurance and reinsurance marketplace based on global premium volume throughput. This has recently raised questions about the longevity of its current position and its future role within the global marketplace. However, history has shown that the London market has proved extremely resilient to the political, economic and social changes that have been observed over the last few decades. Furthermore, it has overcome challenges instigated from would-be competitors as well as the desire from market participants to maximise underwriting results through operational efficiencies. A ‘tipping point’ has been reached at the intersection of new capital, new technology & emerging risks and new skillsets, combined with extraordinary external factors such as Brexit, mean that if London does not innovate and push existing traditional boundaries, its relevance and influence in a globally connected marketplace will diminish.

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