ORIGINAL PUBLICATION HERE
In a speech at in the Old Library at Lloyd’s today, Lloyd’s chief outlined her resolutions for 2015.
The London Market is at a “crossroads” and needs to form deeper commercial ties with high growth economies in order tap into the business of the future, Inga Beale, chief executive of Lloyd’s of London, said today.
In an energising speech in the Old Library at Lloyd’s this afternoon, Beale outlined her resolutions for 2015 to continue on from the corporation’s successes in 2014 – including receiving its Beijing licence, approval for an office in Dubai and further expansion in Latin America.
Referring to the audience as the “architects of the latest incarnation of the Lloyd’s market”, Beale placed considerable emphasis on developing the market’s reputation and business opportunities in high growth economies such as China and Brazil, and on the horizon, India.
While drawing on some of the more alarming headlines from the tail end of last year, stemming from the report from the London Market Group and Boston Consulting Group – ‘Why London matters’ – which brought the future of London’s £60bn insurance industry into the spotlight, Beale admitted there was cause for concern, but drew vigour from the opportunities these threats presented the market.
She highlighted challenges including a preference by customers to buy insurance in their local market, the fact that London’s share of business in the emerging markets is declining and current pricing conditions.
However, Beale drew upon a number of historic examples at Lloyd’s, including the first non-marine policy written and the decision to enter the US market, to demonstrate how the market has evolved to maintain its relevance and significance on the global insurance stage, calling for action at the beginning of 2015.
“Lloyd’s is a broad church,” said Beale, “flexible enough to serve both the largest brokers and the smallest.
“But we do need to make sure that as a market, we are moving into [high growth/emerging market] territories, and into innovative forms of cover.”
Additionally, Beale highlighted the fact that the market needs to better utilise technology in terms of its processes, underlining this as an important stream of work across 2015.
Referring to the possibility of “a new golden era for the London insurance market”, Beale called for innovation and further broker and underwriter collaboration to seize “vast and practically untapped” opportunity in the year ahead.