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Modernising the London Market is essential if it is to compete with other re/insurance hubs and competitors in the world. But resistance from the front office, where brokers and underwriters may be reluctant to change their behaviour, could threaten the plan’s success. Intelligent Insurer reports.
The London Market Target Operating Model (TOM) is a set of initiatives to modernise the London Market and help it overcome the deficiencies unveiled in the London Matters report by the Boston Consulting Group.
The report showed that the London Market is falling behind in reinsurance premium growth compared to other hubs such as Zurich or Bermuda, and losing market share as a consequence. It also showed that the London Market was missing out on opportunities in high growth regions such as Asia, Latin America and Africa, where its market share was declining.
London’s competitiveness is under threat as other locations are investing heavily, the report said.
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London Market, Lloyd's, London, UK, TOM, PPL, Shirine Koury-Haq, John Muir, David Ledger, Paul Latarche, Technology, Insurance, Reinsurance, LMG