Home Breaking News New Aon report looks into the future of UK insurance

New Aon report looks into the future of UK insurance

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Aon has launched a brand new report that explores the “development prospects and future alternatives” of the London insurance market, with help from the City of London Corporation.

Entitled “The London Insurance Market: Beyond 2021,” the report is comprised of seven brief essays from each political and business leaders on areas of focus for the London insurance market. In explicit, it looks into the market’s future alternatives close to London’s worldwide standing. Key matters mentioned in the report embody the want for innovation, the function of private and non-private sector collaboration, and the want to shut the safety hole by making ready for future systemic dangers.

In addition to taking an in-depth have a look at the London market and its prospects, the report additionally addresses the required evolution of skilled expertise, by discussing matters similar to the significance of fostering higher inclusion and variety, attracting extra professionals with know-how and IT backgrounds, and guaranteeing a powerful provide of expertise post-Brexit.

Contributors to the report embody:

  • HM Treasury: Foreword.
  • William Russell, Lord Mayor of the City of London: Foreword.
  • Catherine McGuinness, Policy Chair, City of London Corporation and Caroline Wagstaff, CEO of the London Market Group: London as a world insurance hub.
  • John Neal, CEO, Lloyd’s of London: Collaboration is essential to tackling the safety hole and making a sustainable future.
  • Sean McGovern, AXA XL:  Building resilience to local weather change: the London insurance market’s function.
  • Richard Blewitt, Executive Director of International, British Red Cross and Maarten van Aalst, Director of Red Cross Red Crescent Climate Centre: Addressing the human influence of local weather change collectively.
  • Julie Page, CEO, Aon UK: Unlocking insurance business innovation by way of collaboration.
  • Sian Fisher, CEO, Chartered Insurance Institute: Meeting the skilled expertise wants of the future.
  • Craig Tracey MP, Conservative Member of Parliament for North Warwickshire and Chair of the Insurance & Financial Services All-Party Parliamentary Group: The future of insurance – a view from Parliament.

“Our report, supported by the City of London Corporation and with insights from a various choice of senior leaders working throughout the insurance sector, is concentrated on the important questions all of us must be asking ourselves as we glance past 2021,” mentioned Aon UK CEO Julie Page.

Page added that the insurance market is presently at a turning level – the COVID-19 pandemic not solely proved to be one of the most difficult occasions in insurance’s historical past, but it surely additionally got here at a time when the sector badly wanted cultural and technological evolution. But whereas many challenges lie forward, Page famous that the business stays “very optimistic” about the future of London as a world monetary centre.

“We even have important development alternatives, with our sector pivotal in serving to companies, people and governments in managing the many new and altering dangers they’re going through,” the CEO said. “Our report displays on these challenges and alternatives, outlining an optimistic imaginative and prescient for sector in 2021 and past, with London remaining at the coronary heart of the world industrial (re)insurance market.”