The London Market Group (LMG) has commissioned research into the London insurance market to better understand the competitive landscape in which the market operates.
Steve Hearn, LMG chairman, set out the group’s intentions in a letter addressed to the chief executives of all London market firms. He explained that LMG has extended its remit to “oversee all elements of the market mechanism and identify areas where proactive action can improve London’s competitive position.”
The research will seek to develop a common definition of the totality of activity that constitutes ‘London market business’, determine the contribution of this activity to the UK economy, develop more comprehensive data on London’s share of relevant global business, and provide an insight into the criteria customers use when deciding whether or not to purchase insurance.
Hearn said: “We have not been good at promoting ourselves as a market. In part this is because we lack the basic data that would support this. How much do we contribute to GDP, for example? How much does our industry contribute to the Exchequer in the form of tax revenues?
“Having this information will help us to ensure government and regulators recognise us as a valued sector, distinct from the rest of the City and the rest of the insurance industry, that might need treating a little differently. It will also help us promote our market to prospective employees and participants.
“I see this as a vital piece of work. It will give our ongoing modernisation efforts a grounding in fact that we have, perhaps, not always had. It will ensure we address the issues that our customers care about. It should therefore give us the foundation to ensure that we remain a vibrant, effective and innovative market at the heart of the global industry.”
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London Market Group, Steve Hearn, Europe