Andrew Kendrick told senior managers at the Xchanging London Market Conference that the London insurance market must look further afield for opportunities, as the source of insurance activity shifts and emerging financial centres in Asia and the Middle East rise up the rankings.
"One thing I haven't seen a great deal of, over the last 34 years, is long-term vision, and that's why I'm excited by Lloyd's Vision 2025", he said. "It's really encouraging to see the future direction of the market set out over a 10 to 15 year period. We should adopt this as the blueprint for London."
Noting that four of the world's top 10 financial centres are now in the Asia Pacific region, according to the Global Financial Centres Index, Kendrick advised insurers not to rest on their laurels and expect new business to come to them.
Kendrick emphasised the need for more innovation to meet new risk challenges, and highlighted London's ability to take the lead owing to its unique mix of skills and expertise. In particular, Kendrick suggested that London could position itself as the "recognised global centre for cyber insurance" owing to its collective expertise in underwriting, broking and the legal sector.
Kendrick also said that London must adopt a "mindset of collaboration" to unlock greater value for clients and demonstrate the relevance of insurance today. Emphasising the importance of a three-way partnership between insurers, brokers and clients, Kendrick said: "Brokers have always been central to London's success. They can, without any question, help to keep our industry, and London, relevant".
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