London’s insurance market was born from innovation. But in a fast-moving world is it doing enough to stave off complacency? Intelligent Insurer reports.
When Charles Lindbergh climbed into his modified plane in 1927 and prepared for the first solo flight across the Atlantic he packed as lightly as possible. He didn’t take a parachute, but he did have a financial one. Legendary Lloyd’s underwriter Cuthbert Heath insured him, despite the massive risk Lindbergh was taking.
Over the years London has led the way in terms of such risks—and also in innovation. The first motor insurance policy was written in London in 1904, as was the first aviation insurance policy in 1911. And in 1965 the first satellite insurance policy was written in London.
London therefore knows the need for innovation. The question is, however, is it still leading the way or is it in danger of falling behind other regions? It’s a question that needs to be asked for one simple reason: in business complacency can kill.
London’s lead in terms of innovation has been built on a broad base.
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Lloyd's, Insurance, Gavin Steele, Richard Clarke, Xuber, Innovation, Martin McCarron, Markel, London, UK